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Global insurance premiums rose in 2017 by 3.7 per cent to 3.66 trillion euros, victims of real estate rose 5.0 per cent, almost twice as fast as living after decades of losses, premium growth should return to normal levels Before the crisis – China was the largest market. Around the world
According to analysts, the volume of global insurance premiums last year rose to a new record high of 3.66 trillion euros (excluding health insurance). Compared to 2016, the modest increase adjusted for the impact of the exchange rate was 3.7 percent.
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Although the premium income growth rate accelerated slightly from the previous year (+ 2.9 percent), it lagged behind the expansion of economic activity (+ secondary growth of 5.9 percent) for the second consecutive year. Penetration of insurance (premium as a percentage of GDP) thus fell to 5.5 percent, the lowest price in the last 30 years. At the beginning of the millennium before the Great Financial Crisis, this number averaged a high percentage of full percentage.
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“This is a false scenario,” commented Michael Heise, chief economist at SE. “On the one hand, risks in the world are constantly increasing – think of the climate, demographics, the Internet or politics – but on the other hand, people in the world are spending less than their share of income on insurance. “Well, politics and industry need to close this ‘protection gap’.”
Victims of real estate set the tone last year: at 5.0 percent, it not only grew nearly twice as fast as life insurance in 2017, but also recorded the biggest increase since 2012. Almost all regions have contributed to the development of positive premiums. However, the growth gap between developing and industrialized countries remains attractive: while premiums in the former rose 11.6 percent, the mature market managed to grow only 3.5 percent. However, Western Europe is also lagging behind: 20% premium growth in 2017, still the second-highest since 2007. Last year, Western European markets recorded zero growth.
Global growth was significantly lower in life insurance premiums in 2017 (+ 2.8%), largely due to sluggish development in Western Europe, where nearly 30% of global premium income was written off. After a 2.2% cut in 2016, it was still zero red in 2017. At the end of last year, the amount of local premiums was still almost 5% lower than the pre-crisis peak in 2007. Insurance penetration fell from 5.6 percent to 4.4 percent during the period.
“Although the life insurance market has been volatile in recent years, the trend is clear and alarming,” said Michaela Grimm, an economist at the research firm. “While undoubted demographic shifts have left skeptics about the need for private supply, long-term savings efforts are clearly declining. The severe economic crisis in many European countries is real. One of the reasons for this. But the ECB’s low interest rate policy also plays a role. It’s time to get out of crisis – for the benefit of the next generation, who will be heavily dependent on private reserves in old age. More than the current generation retires.
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Some other advanced economies also experienced a decline in premiums in 2017, for example Australia (-18.2 percent), Japan (-11.3 percent) or South Korea (-4.9 percent). Thus, overall, premium income on life insurance in industrialized countries fell 0.5 percent in 2017. On the other hand, emerging markets increased their premiums by a total of 17.2 percent.
Of the ពាន់ 60 billion in premiums, about 80 per cent is attributed to the Chinese market. On both lines combined, last year’s global premium growth was less than ពាន់ 130 billion. Emerging markets accounted for nearly 80 percent of that increase, with China accounting for two-thirds of the increase.
Researchers hope that the insurance market will continue to recover in the future. After a disappointing increase in global insurance premiums since the financial crisis, with a margin of just over 3 percent, growth should accelerate to about 6 percent in the next decade, almost reaching pre-crisis speeds.
These developments reflect more stable economic growth, as well as higher inflation and interest rates. This growth is particularly pronounced in industrialized countries, at least in Western Europe: after zero growth in the last ten years, premiums should return to an average of just under 3% per year. The business life line (+6.4 percent pa) should rise again slightly faster on a global scale than the real estate victim business line (+5.4 percent pa).
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Significant shifts toward emerging markets will continue in the coming years. By the end of 2020, about 40 percent of global premium income should be written in this group of countries. Ten years ago, that number was still down 10 percent.
Above there will be a historic shift in hedging: China will overtake the United States as the largest insurance market. Today, the United States remains unrestricted: with 1.1 trillion euros, or more than 30 percent of global premium income, it remains the world’s second-largest insurance market, second only to China. There are about 420 billion euros.
“Long-term forecasts are now difficult, especially as the insurance market is fundamentally changing,” said Kathrin Brandmeir, an economist at the research firm. “But in our view, this disruption also provides a good opportunity. With new technology, insurance coverage is more accessible and real for more people, and insurance products can be more attractive. They increase the money. Revenues for such insurance. Before the crisis. Global insurance premiums could be about 1 trillion euros higher at the end of the next decade than in our base scenario.
The Group is one of the world’s leading insurers and asset managers with over 86 million retail and corporate clients. Consumers benefit from a wide range of personal and corporate insurance services, from real estate, life and health insurance to support services to credit and global business insurance. Is one of the largest investors in the world, managing more than 650 billion euros on behalf of its insurers, while Global Investor and PIMCO asset managers manage an additional 1.4 trillion euros in third-party assets. Thanks to the systematic integration of ecological and social criteria in our business processes and investment decisions, we take the lead in insuring the Dow Jones Sustainability Index. In 2017, more than 140,000 employees in more than 70 countries reached a total revenue of 6 126 billion and operating profit of ពាន់ 11 billion for the group. Insurance, real estate insurance, general liability insurance, personal accident insurance, legal fees and property insurance, and loss insurance. Motorcycle insurance can be further subdivided into third party liability insurance and motorcycle damage insurance itself. Real estate insurance can be further subdivided into personal property insurance and non-private property insurance. The P&C distribution channel insurance market in Germany is divided into brokerage and multi-agency agents, credit institutions, direct sales and online distribution networks.
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This report aims to provide a detailed analysis of the real estate and accident insurance market in Germany. It focuses on market dynamics, emerging trends in regional and market segments, and an understanding of certain product categories and applications. In addition, it analyzes the key players and competitive aspects of the German real estate and accident insurance market.
Auto Real Estate Liability Insurance Accident insurance is an integral part of P&C insurance in Germany. Ever since the 2008 financial crisis, P&C Insurance has found an increase in written contracts because life insurance is considered unattractive. However, it should be noted that the growth potential with the current business model seems to be limited to the industry. The market seems to be saturated and market competition among insurers is becoming a thorn in the side. Veterans in the industry say P&C insurance is in transition because digital transformation is affecting customer behavior and sales volume.
Germany is one of the leading European countries in the field of fintech. Startups are often the driving force behind innovation, bringing new and annoying products and services. The rise of new entrants to InsurTechs-based businesses in other countries has yet to be seen in Germany. The insurance market is very complex. Language, market structure, rules, competitive environment and consumer preferences tend to vary significantly from country to country. A simple departure that is likely to end in another country will end up as often as a resumption of business from scratch. However, the increasing presence of foreign InsurTechs at events in the German industry and the growth of insurance companies are expected to boost the insurance market in the coming years.
This report covers key players operating in the German real estate and accident insurance market. Market segmentation The market is expected to increase during the forecast period as it improves.
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