Germany Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Germany Life Insurance Market Report Overview

The gross written premium of Germany life insurance market was EUR95.8 billion ($97.8 billion) in 2023 and is expected to achieve a CAGR of more than 2% during 2024-2028. The Germany life insurance market research report provides an in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Germany Life Insurance Market Outlook, 2023-2028 (EUR Billion)

Germany Life Insurance Market Outlook, 2023-2028 (EUR Billion)

Buy the Full Report to Gain More Information about the Germany Life Insurance Market Forecast

Download A Free Report Sample

The Germany life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the German economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) EUR95.8 billion ($97.8 billion)
CAGR (2024-2028) >2%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Pension

·        Endowment

·        Term Life

·        Capitalization

·        Other Life Insurance

Key Distribution Channels ·        Agencies

·        Bancassurance

·        Insurance Brokers

·        Direct Marketing

Leading Companies ·        Allianz Lebensversicherungs

·        R+V Lebensversicherung

·        Generali Deutschland Lebensversicherung

·        Debeka Lebensversicherungsverein

·        Zurich Deutscher Herold Lebensversicherung

Enquire &Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Germany Life Insurance Market Trends

Digitalization trends in distribution, insurtech partnerships, insurtech funding, integrating artificial intelligence (AI) into insurance operations, and growing focus on ESG are the key trends impacting the German life insurance market.

  • Insurers are utilizing web portals to provide services to policyholders. For example, Allianz offers the insurance portal Meine Allianz through its cell phone app and website. Meine Allianz offers various services, including accessing contract periods and tariffs, reporting damages, submitting invoices, and updating bank details. The pension compass helps check coverage for old age and occupational disabilities. Additional services include competitions, discounts, bonuses, and tickets.
  • Germany’s insurtech sector is maturing, with digital insurers gaining traction and conventional insurance companies and managing general agents vying for market share. In January 2024, the risk modeling and analytics company Verisk acquired the German-based insurtech provider Rocket Enterprise Solutions, to expand its property claims and underwriting offerings across Europe.

Germany Life Insurance Market Segmentation by Lines of Business

In 2023, pension LoB accounted for the highest share of the Germany life insurance market.

The key lines of business (LoB) in the German life insurance industry are pension, endowment, term life, and capitalization among others. Germany’s Ministry of Finance’s focus group made progress in 2023 on reforming subsidized private pensions, with legislation expected to be passed in 2024. This legislation will enable insurers and retirement product providers to offer new options for German retirees; potentially boosting competition among financial services firms and improving pension benefits. The Federal Government is also considering other pension reforms, including linking retirement age to life expectancy and introducing an Active Pension. This would allow part-time work for retirees and integrate civil servants and the self-employed into the pension system.

Germany Life Insurance Market Analysis by Lines of Business, 2023 (%)

Germany Life Insurance Market Analysis by Lines of Business, 2023 (%)

Buy the Full Report for more Lines of Business Insights into the Germany Life Insurance Market

Download A Free Report Sample

Germany Life Insurance Market Segmentation by Distribution Channels

In 2023, captive agencies and independent brokers accounted for the highest DWP sales in the Germany life insurance market.

A few of the key distribution channels in the German life insurance industry are agencies, bancassurance, insurance brokers, and direct marketing among others. Agencies will remain the leading distribution channel accounting for the highest direct written premium (DWP) sales during the projected period.

Germany Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Germany Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Buy the Full Report for more Distribution Channel Insights into the Germany Life Insurance Market

Download A Free Report Sample

Germany Life Insurance Market - Competitive Landscape

In 2022, Allianz Lebensversicherungs was the largest insurer in Germany

A few of the leading life insurance companies in Germany are:

  • Allianz Lebensversicherungs
  • R+V Lebensversicherung
  • Generali Deutschland Lebensversicherung
  • Debeka Lebensversicherungsverein
  • Zurich Deutscher Herold Lebensversicherung

Germany Life Insurance Market Analysis by Companies, 2023 (%)

Germany Life Insurance Market Analysis by Companies, 2023 (%)

Buy the Full Report to Know More about the Companies in the Germany Life Insurance Market

Download A Free Report Sample

Germany Life Insurance Market - Latest Developments

  • In December 2023, the EU passed a new AI Act intending to ensure the ethical use of AI. The Act introduces a risk-based regulatory framework, particularly affecting industries such as insurance due to AI’s significant role in risk assessment and pricing.
  • In January 2024, the Allianz Group introduced Allianz SAMEpath; a dashboard that tracks transition pathways to Net Zero and integrates existing models and scenarios for a convenient reference tool.

Segments Covered in the Report

Germany Life Insurance Lines of Business Outlook (Value, EUR Billion, 2019-2028)

  • Pension
  • Endowment
  • Term Life
  • Capitalization
  • Other Life Insurance

Germany Life Insurance Distribution Channel Outlook (Value, EUR Billion, 2019-2028)

  • Agencies
  • Bancassurance
  • Insurance Brokers
  • Direct Marketing

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Germany.
  • Historical values for the German life insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top life insurance companies in Germany and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Germany’s life insurance segment.
  • A comprehensive overview of Germany’s economy, government initiatives, and investment opportunities.
  • Germany’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Germany’s life insurance segment’s market structure gives details of lines of business.
  • Germany’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Germany’s life insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Germany’s life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in Germany’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Allianz Lebensversicherungs
Bayerischer Versicherungsverband Versicherungs
R+V Lebensversicherung
Zurich Deutscher Herold Lebensversicherung
Generali Deutschland Lebensversicherung
Axa Lebensversicherung
Debeka Lebensversicherungsverein
Nurnberger Lebensversicherung

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Key Trends by Lines of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

Germany Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 standard reports
Currency USD
$3,999

Can be used by individual purchaser only

$11,997

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Germany Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Germany Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 in real time.

  • Access a live Germany Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.