The German life insurance segment is one of the strongest in Europe in terms of insurance density and penetration. However, the German life insurance segment registered a negative annual growth rate due to the impact of the European sovereign debt crisis in 2011. As a result of the difficult economic conditions, German consumers are beginning to appreciate the advantages offered by life insurers. These advantages include insurance cover against biometric risks and old age guarantees. Biometric risk is the risk that the insurer has to pay pensions for a longer time or larger death or disability benefits to the insured than anticipated by the insurer when pricing the policies. There was a strong demand for single-premium life insurance as part of private old age pensions in Germany in 2010. The country’s aging population and rising employment opportunities, driven by the improving European economic environment, are expected to drive German life insurance growth over the forecast period (2012–2016).
Scope
Reasons To Buy
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