German Insurance Association The German Life Insurance Market XII International Yalta Forum Volker...
-
Upload
leslie-brown -
Category
Documents
-
view
218 -
download
0
Transcript of German Insurance Association The German Life Insurance Market XII International Yalta Forum Volker...
German Insurance Association
The German Life Insurance Market
XII International Yalta Forum
Volker Henke
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Comparison to illustrate total investments
Savings of private households (2010) € 169 bn
Federal Budget 2011 € 306 bn
Investments of German insurers € 1 256 bn
Public debt in 2010 € 1 732 bn
Sources: German Stock Exchange (Deutsche Börse), Federal Ministry of Finance, GDV, German Federal Bank (Deutsche Bundesbank)Photograph: German Stock Exchange
German Insurance Association
Letzte Aktualisierung 04/2012 fzi
Premium income of insurance lines in 2011Share as per cent, in EUR bnTotal of direct insurers: 178.2 bn €Reinsurance in 2009/10*: 34.7 bn €
Source: GDV (* Earned premiums net of reinsurance incl. additional charges)
56.7 bn €
34.7 bn €
86.8 bn €
German Insurance Association
Letzte Aktualisierung 04/2012 fzi
4
Assets of the insurance industry by class of insuranceShares as per cent, EUR bnTotal: 1.279,5 bn €
Source: GDV 30.06.2011
German Insurance Association
Letzte Aktualisierung 04/2012 fzi
5
Structure of investments of direct insurers(Life insurance in the narrow sense, health, property, casualty and accident insurance: total: 1,279,5 bn €)
Source: GDV 30.06.2011
German Insurance Association
Letzte Aktualisierung 03/2012 fzi
Market shares of the 5 largest insurance
companies
10 largest insurance
companies
Property/casualty/accident 32.8% 46.2%
Life 38.1% 54.4%
Health 51.3% 73.3%
Reinsurance 85.1% 95.7 %
Source: GDVAs of 2010 (reinsurance : 2009)
Market shares of the largest insurance and reinsurance companies according to premium income
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Captiveintermediaries“Pyramid selling”
BanksCredit card organizationsDepartment storesAnnexed distribution servicesTravel agencies
Single-tied intermediaries
EmployeesPart timeagents
Regularagents
Distribution via intermediariesDirect marketing
Multi-tied intermediaries
[Internet][Internet]
Part timeintermediaries
Regularintermediaries
Multipleagents
Brokers
Captiveintermediaries“Pyramid selling”
BanksCredit card organizationsDepartment storesTravel agenciesAnnexed distribution services
Distribution channels
German Insurance Association
Share of distribution channels in new business as % (as of 31.12.2009)
* Property/accident/third party liability +motor+legal expenses
48,6
37,5
6,93,9
3,1
Health(according to premium income)
31,1
6,5
9,5
5,0
47,9
Composite*(according to premiumincome)
Multi-tied agents
Single tied agents
Credit institutions
Direct marketing
Other42,0
29,5
23,6
2,6 2,3
Life(according to total premiums)
Letzte Aktualisierung 03/2012 fzi
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Number of intermediaries listed in the register of insurance intermediaries
Total of insurance intermediaries 263 300
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Gainfully employed persons in the insurance sector as compared with other sectors (selection)
Ma
sc
hin
en
ba
u
Ins
ura
nc
e
ind
us
try
*)
Ca
r in
du
str
y(i
nc
l. s
ub
co
ntr
ac
tors
)
Ele
ctr
ica
l e
ng
ine
eri
ng
Ch
em
ica
l a
nd
p
ha
rma
ce
uti
ca
l in
du
str
y
Sources: VDMA, ZVEI, VDA, agv, DIHK, VCI
*) Insurance industry:
Employees subject tosocial security contributions 298 300+Self-employedintermediaries 263 300=Total 561 600
Me
ch
an
ica
l e
ng
ine
eri
ng
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Hardly any dissatisfied customers in a comparison
between important service sectors
Source: Consumer Satisfaction Survey, Final Report, by IPSOS INRA (2007)
5
16.2
7.85.93.62.92.62.42.21.91.7
Air
Insurance
Water suply
EnergyBank
Mobile com
Gas suply
Postal service
Land line com
Public transport
Rail system
Dissatisfied customers in Germany as per cent according to EU consumer survey
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Number of complaints to the Ombudsman
*) Rise in 2008 especially due to extended responsibilities of the ombudsman. As from 2008, complaints against intermediaries and complaints from small traders are covered as well.
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Sign of confidence:Customers maintain their pension contracts
Declining cancellation rate despite the economic and financial crisis
2003 2004 2005 2006 2007 2008 2009 2010
(Premature cancellations as a percentage of contracts)
3.5
3.6
4.0
4.2
4.0 4.0
3.8
4.0
3.9
2011
German Insurance Association
Key figures of life insurance / pension funds
German Insurance Association 15
Life insurance in the narrow sense: Premiums broken down by type of business in 2011
Total: 83.2 bn €
*incl. occupational disability and long-term care insurance
30,1
9,1
21,25,1
9,3
Endowment insurance: 32.2%Unit-linked endowment
and annuity insurance: 14.5%
Annuity and pension insurance: 32.7%
Group insurance*: 13.2%
Supplementary insurance: 7.4%
Source: GDV
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Structure of investments in life insuranceShares as per cent
Total: 734.4 bn €
Source: GDV
German Insurance Association
Letzte Aktualisierung 05/2012
17
Change of paradigms in life insurance …
*) Also includes unit-linked annuity insurance policies up to and including 2000
Source: GDV
Endowment insurance policies, annuity insurance policies and unit-linked life insurance policies (number)
0%
20%
40%
60%
80%
100%
1990 1995 2000 2005 2006 2007 2008 2009 2010 2011
Endowment (whole life) insurnace Annuity insuranceUnit-linked life insurance Unit-linked annuity insurance
German Insurance Association 18
Annuity contracts increasingly importantAnnuity contracts increasingly important
German Insurance Association
Letzte Aktualisierung 09/2011 fzi
19
Premium income in life insurance in the broader sensePremium income in life insurance in the broader senseRegular premiums & single premiums in EUR bnRegular premiums & single premiums in EUR bn
German Insurance Association
Benefit payouts and gross written premiums (life Benefit payouts and gross written premiums (life insurance in the broader sense)insurance in the broader sense)2000 to 2011 - in EUR bn2000 to 2011 - in EUR bn
German Insurance Association
Letzte Aktualisierung 04/2012 fzi
Germans need to catch up with respect to old-age provision
(Premiums for life insurance in euros per head of population in 2010); source: CEA
Sweden2 377 €
France2 223 €
Italy1 493 €
Belgium1 766 €
United Kingdom2 460 €
Germany1 066 €
German Insurance Association
Key figures of private health insurance
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Development of premium income in health insurance
Source: Private Health Insurance
In b
n €
Total in bn €
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Ample provision for old ageReserves for increasing age in EUR bn
Source: Private Health Insurance
EUR
bn
German Insurance Association
Letzte Aktualisierung 10/2011 fzi
Private health insurance: Enhancement of supplementary insurance
Source: Private Health Insurance
Mill
ion
Number of persons insured in millions