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BMI View: Germany's insurance market is one of the largest and most competitive globally. As well as
being home to well-capitalised multinationals and a broad range of domestic providers, the market also
benefits from robust regulatory oversight and extensive and diversified distribution channels and product
ranges. As a mature market, growth in both the life and non-life sectors is expected to be relatively slow;
however, market fundamentals remain positive and we do expect to see premium growth across all key lines
Key Updates & Forecasts
- The product range in Germany continues to expand, including in major growth areas such as cyber
insurance. Swiss Re announced in September 2016 it is launching a new company in Germany,
CyberSolutions Germany, to provide advance cyber risk protection to medium- and large-size
businesses in the country.
- The non-life sector is already slightly larger than the life sector, accounting for over 54% of premiums
written in 2016. We are forecasting growth in the non-life sector of 2.4%, in local currency terms, in
2016, to a total of EUR108.4bn. Ongoing currency movements mean this will translate to a contraction of
1.2% in US dollar terms to USD116.0bn.