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Life Insurance in Germany, Key Trends and Opportunities to 2020

July 2017 | 144 pages | ID: LB52D5DCAD5EN
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SYNOPSIS

Timetric’s 'Life Insurance in Germany, Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the German life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the German economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'Life Insurance in Germany, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the German life insurance segment, including:
  • The German life insurance segment’s growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the German economy and demographics
  • The various distribution channels in the German life insurance segment
  • Details of the competitive landscape in the life insurance segment in Germany
  • Details of regulatory policy applicable to the German insurance industry
SCOPE

This report provides a comprehensive analysis of the life insurance segment in Germany:
  • It provides historical values for the German life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the German life insurance segment, and market forecasts to 2020.
  • It analyzes the various distribution channels for life insurance products in Germany.
  • It profiles the top life insurance companies in Germany and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the German life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the German life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the German insurance industry, and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • On July 6, 2016, the European Insurance and Occupational Pensions Authority (EIOPA) published its final advice on the introduction of a pan-European Personal Pension Product (PEPP).
  • On May 25, 2016, BaFin, the German financial regulatory body, published new guidelines for the selection and appointment of trustees of the guaranteed funds of insurance companies and pension funds.
  • In May 2016, the Finance Ministry of Germany announced plans to limit the technical interest rate applicable on guaranteed life policies from 1.25% to 0.9% from January 2017. The government eventually plans to terminate the legal limit on technical rates with a new European risk capital rule by December 2018.
  • The new regulatory framework, Solvency II, came into force in Germany on January 1, 2016. It is based on three pillars: risk-based quantitative requirements, governance and supervision, and disclosure and transparency.
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison
4.2 Segment Indicators
  4.2.1 Gross written premium and penetration
  4.2.2 Policies sold
  4.2.3 Sum assured
  4.2.4 Assets and investments

5 OUTLOOK BY SUB-SEGMENT

5.1 Individual Life Insurance
  5.1.1 Premium
  5.1.2 Penetration
5.2 Group Life Insurance
  5.2.1 Premium
  5.2.2 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel
  6.1.1 Agencies
  6.1.2 Brokers
  6.1.3 Direct marketing
  6.1.4 Bancassurance
  6.1.5 E-commerce

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles
  7.1.1 Allianz Lebensversicherungs AG – company overview
  7.1.2 R+V Lebensversicherung AG – company overview
  7.1.3 AachenMünchener Lebensversicherung – company overview
  7.1.4 Zurich Deutscher Herold – company overview
  7.1.5 Debeka Lebensversicherung – company overview

8 GOVERNANCE, RISK AND CONTROL

8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
  8.3.1 Life insurance
  8.3.2 Property insurance
  8.3.3 Motor insurance
  8.3.4 Liability insurance
  8.3.5 Marine, aviation and transit insurance
  8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
  8.4.1 Motor third-party liability insurance
  8.4.2 Workmen’s compensation insurance
  8.4.3 Air carriers and aircraft operators insurance
  8.4.4 Professional indemnity insurance for alternative investment fund managers
  8.4.5 Product liability insurance for pharmaceutical manufacturers
  8.4.6 Clinical trial liability insurance
  8.4.7 Operating liability for plants posing a hazard to the environment
  8.4.8 Liability for ships with respect to oil pollution
  8.4.9 Liability insurance against the transport of hazardous and noxious substances by sea
8.5 Supervision and Control
  8.5.1 International Association of Insurance Supervisors
  8.5.2 European Insurance and Occupational Pensions Authority
  8.5.3 Federation of European Risk Management Associations
  8.5.4 Federal Financial Supervisory Authority
  8.5.5 German Insurance Association
8.6 Non-Admitted Insurance Regulations
  8.6.1 Overview
  8.6.2 Intermediaries
  8.6.3 Market practices
  8.6.4 Fines and Penalties
8.7 Company Registration and Operations
  8.7.1 Type of insurance organization
  8.7.2 Establishing a local company
  8.7.3 Foreign ownership
  8.7.4 Types of license
  8.7.5 Capital requirements
  8.7.6 Solvency margin
  8.7.7 Reserve requirements
  8.7.8 Investment regulations
  8.7.9 Statutory return requirements
  8.7.10 Fee structure
8.8 Taxation
  8.8.1 Insurance premium or policy taxation
  8.8.2 Withholding taxes on premium paid overseas
  8.8.3 Corporate tax
  8.8.4 VAT
  8.8.5 Captives
8.9 Legal System
  8.9.1 Introduction
  8.9.2 Access to court
  8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Individual Life – Single vs. Non-Single Premium
9.12 Group Life – Single vs. Non-Single Premium
9.13 Linked vs. Non-Linked Policies

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions
10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

LIST OF TABLES

Table 1: German Life Insurance – Key Facts, 2015
Table 2: German Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: German Government Credit Ratings
Table 4: German Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2011–2015
Table 5: German Life Insurance – Penetration (%), 2011–2015
Table 6: German Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2015–2020
Table 7: German Life Insurance – Penetration (%), 2015–2020
Table 8: German Life Insurance – New Business Direct Written Premium (EUR Billion and US$ Billion), 2011–2015
Table 9: German Life Insurance – New Business Direct Written Premium (EUR Billion and US$ Billion), 2015–2020
Table 10: German Life Insurance – Premium per Capita (EUR and US$), 2011–2015
Table 11: German Life Insurance – Premium per Capita (EUR and US$), 2015–2020
Table 12: German Life Insurance – Number of Policies Sold (Million), 2011–2015
Table 13: German Life Insurance – Number of Policies Sold (Million), 2015–2020
Table 14: German Life Insurance – Sum Assured (EUR Billion and US$ Billion), 2011–2015
Table 15: German Life Insurance – Sum Assured (EUR Billion and US$ Billion), 2015–2020
Table 16: German Life Insurance – Total Assets (EUR Billion and US$ Billion), 2011–2015
Table 17: German Life Insurance – Total Assets (EUR Billion and US$ Billion), 2015–2020
Table 18: German Life Insurance – Total Investment Income (EUR Billion and US$ Billion), 2011–2015
Table 19: German Life Insurance – Total Investment Income (EUR Billion and US$ Billion), 2015–2020
Table 20: German Life Insurance – Investment Portfolio (EUR Billion), 2011–2015
Table 21: German Life Insurance – Investment Portfolio (EUR Billion), 2015–2020
Table 22: German Life Insurance – Direct Written Premium by Sub-Segment (EUR Billion), 2011–2015
Table 23: German Life Insurance – Direct Written Premium by Sub-Segment (EUR Billion), 2015–2020
Table 24: German Individual Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2015
Table 25: German Individual Life Insurance – Direct Written Premium by Category (EUR Billion), 2015–2020
Table 26: German Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2015
Table 27: German Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2015–2020
Table 28: German Life Insurance – New Business Direct Written Premium by Distribution Channel (EUR Billion), 2011–2015
Table 29: German Life Insurance – New Business Direct Written Premium by Distribution Channel (EUR Billion), 2015–2020
Table 30: German Life Insurance – Percentage of New Business Direct Written Premium, by Distribution Channel, 2011–2020
Table 31: German Life Segment – Market Shares of Leading Insurers (%), 2015
Table 32: Allianz Lebensversicherungs AG – Key Facts
Table 33: Allianz Lebensversicherungs AG – Key Financials (US$ Billion), 2011–2015
Table 34: R+V Lebensversicherung AG – Key Facts
Table 35: R+V Lebensversicherung AG – Key Financials (US$ Billion), 2011–2015
Table 36: AachenMünchener Lebensversicherung – Key Facts
Table 37: AachenMünchener Lebensversicherung – Key Financials (US$ Billion), 2011–2015
Table 38: Zurich Deutscher Herold – Key Facts
Table 39: Zurich Deutscher Herold – Key Financials (US$ Billion), 2011–2015
Table 40: Debeka Lebensversicherung – Key Facts
Table 41: Debeka Lebensversicherung – Key Financials (US$ Billion), 2011–2015
Table 42: Germany– Insurance Regulatory Framework Key Features
Table 43: Germany– Life Insurance Regulatory Framework
Table 44: Germany– Property Insurance Regulatory Framework
Table 45: Germany– Motor Insurance Regulatory Framework
Table 46: Germany– Liability Insurance Regulatory Framework
Table 47:Germany – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 48: Germany– Insurance Premium Tax (IPT)
Table 49: Germany– Corporate Tax Rates for the Financial Year 2017
Table 50: German Life Insurance – Policies and Premium, 2011–2015
Table 51: German Life Insurance – Policies and Premium, 2015–2020
Table 52: German Life Insurance – Claims and Expenses, 2011–2015
Table 53: German Life Insurance – Claims and Expenses, 2015–2020
Table 54: German Life Insurance – Assets and Investments, 2011–2015
Table 55: German Life Insurance – Assets and Investments, 2015–2020
Table 56: German Life Insurance – Direct Marketing and E-Commerce, 2011–2015
Table 57: German Life Insurance – Direct Marketing and E-Commerce, 2015–2020
Table 58: German Life Insurance – Insurance Brokers and Agencies, 2011–2015
Table 59: German Life Insurance – Insurance Brokers and Agencies, 2015–2020
Table 60: German Life Insurance – Bancassurance and Other Distribution Channels, 2011–2015
Table 61: German Life Insurance – Bancassurance and Other Distribution Channels, 2015–2020
Table 62: German Life Insurance – Individual Life Insurance, 2011–2015
Table 63: German Life Insurance – Individual Life Insurance, 2015–2020
Table 64: German Life Insurance – Individual Life Insurance by Product, 2011–2015
Table 65: German Life Insurance – Individual Life Insurance by Product, 2015–2020
Table 66: German Life Insurance – Group Life Insurance, 2011–2015
Table 67: German Life Insurance – Group Life Insurance, 2015–2020
Table 68: German Life Insurance – Group Life Insurance by Product, 2011–2015
Table 69: German Life Insurance – Group Life Insurance by Product, 2015–2020
Table 70: German Life Insurance – Individual Life Insurance by Premium, 2011–2015
Table 71: German Life Insurance – Individual Life Insurance by Premium, 2015–2020
Table 72: German Life Insurance – Group Life Insurance by Premium, 2011–2015
Table 73: German Life Insurance – Group Life Insurance by Premium, 2015–2020
Table 74: German Life Insurance – Linked vs. Non-Linked Policies, 2011–2015
Table 75: German Life Insurance – Linked vs. Non-Linked Policies, 2015–2020
Table 76: Insurance Industry Definitions

LIST OF FIGURES

Figure 1: German Real GDP (EUR Billion), 2011–2020
Figure 2: EUR–US$ Exchange Rate, 2011–2020
Figure 3: German Consumer Price Inflation (%), 2011–2020
Figure 4: German Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 5: German Unemployment Rate, 2011–2020
Figure 6: German Population by Age Group, 1990–2025
Figure 7: German Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: German Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: German Life Insurance – Gross Written Premium (EUR Billion), 2011–2020
Figure 10: German Life Insurance – Penetration (%), 2011–2020
Figure 11: German Life Insurance – New Business Direct Written Premium (EUR Billion), 2011–2020
Figure 12: German Life Insurance – Premium per Capita (EUR), 2011–2020
Figure 13: German Life Insurance – Number of Policies Sold (Million), 2011–2020
Figure 14: German Life Insurance – Sum Assured (EUR Billion), 2011–2020
Figure 15: German Life Insurance – Total Assets (EUR Billion), 2011–2020
Figure 16: German Life Insurance – Total Investment Income (EUR Billion), 2011–2020
Figure 17: German Life Insurance – Investment Portfolio (EUR Billion), 2011–2020
Figure 18: German Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 19: German Life Insurance – Direct Written Premium by Sub-Segment (EUR Billion), 2011–2020
Figure 20: German Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020
Figure 21: German Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020
Figure 22: German Individual Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2020
Figure 23: German Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020
Figure 24: German Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 25: German Individual Life Insurance – Penetration (%), 2011–2015
Figure 26: German Individual Life Insurance – Penetration (%), 2015–2020
Figure 27: German Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2020
Figure 28: German Group Life Insurance – Direct Written Premium Share by Category (EUR Billion), 2011–2020
Figure 29: German Group Life Insurance – Direct Written Premium Dynamics by Category (EUR Billion), 2011–2020
Figure 30: German Group Life Insurance – Penetration (%), 2011–2015
Figure 31: German Group Life Insurance – Penetration (%), 2015–2020
Figure 32: German Life Insurance – New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 33: German Life Segment – Market Shares of Leading Insurers (%), 2015
Figure 34: Germany– The Three Pillars of Solvency II
Figure 35: Germany– Insurance Supervision and Control at Various Levels
Figure 36: Germany– Insurance Regulatory Frameworks for Company Registration and Operation


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