Gesamtverband der Deutschen Versicherungswirtschaft e.v.

Transcription

1 Gesamtverband der Deutschen Versicherungswirtschaft e.v. Statistical Yearbook of German Insurance 2013

2 Gesamtverband der Deutschen Versicherungswirtschaft e.v. Statistical Yearbook of German Insurance 2013

3 Published by: Gesamtverband der Deutschen Versicherungswirtschaft e.v. (GDV) German Insurance Association Wilhelmstraße 43/43 G D Berlin Tel. +49 (0) 30/ Fax +49 (0) 30/ economics@gdv.de The German Insurance Association (GDV) is listed in the Joint Transparency Register of the European Commission and the European Parliament for interest representatives. The GDV identification number is Editors: Michael Wolgast, Anja Theis Assistant editors: Franziska Grun, Maximilian Scheffler, Franziska Totzke Distributed by: Verlag Versicherungswirtschaft GmbH, Klosestr. 22, D Karlsruhe, Tel. +49 (0) 721/ Picture: adpic ISSN

4 Preface If insurance protection were visible, you would see it at every turn. Every car, every building, every company and almost every person are insured in some way. It is human nature to seek protection against risks. The German insurance market is as diverse as the policyholders risks. About 460 million insurance contracts currently cover a multitude of different risks. Mutual insurance associations, insurance institutions under public law and joint stock companies, whether domestic or foreign, from regional insurers to globally operating groups are active in the German market. More than half a million people are employed in the insurance industry. In addition to risk protection, the insurance industry serves the economy as a long-term oriented provider of capital with an investment portfolio of about 1,350 bn euros. With the 2013 issue of the Statistical Yearbook of German Insurance, the GDV once again provides a wide range of facts and figures about the German insurance industry. We hope that the Statistical Yearbook will not only prove to be a useful and reliable data source, but will also contribute to a deeper understanding of our industry. Berlin, August 2013 Dr. Alexander Erdland Dr. Frank von Fürstenwerth

5 Insurance industry overall 1 24 Life insurance Health insurance Property & casualty insurance Reinsurance Overall economic data Social statistical data International reference figures

6 List of Tables Insurance industry overall Key figures of private insurance 1 Insurance companies by class of insurance business 2 Insurance companies by legal form 3 Insurance companies and premium income by federal state 4 Premium income in primary insurance by class of business 5 Insurance premium income by legal form 6 Insurance benefits by class of business 7 Insurance portfolios 8 Penetration of insurance and insurance density 9 Employment in the insurance industry by federal state 10 Employees in the insurance industry by field of activity 11 Insurance intermediaries and advisors 12 Share of distribution channels in new business in the insurance industry 13 Development of the investments of the insurance industry 14 Investment portfolio of the insurance industry 15 Investment portfolio of primary insurers 16 Selected alternative investments of primary insurers 17 Insurance business written by German primary insurers in EEA countries by country 18 by class of insurance 19 Foreign-controlled German primary insurers 20 Insurance business written by European primary insurers in Germany 21 Market concentration in the insurance industry 22 Insurance industry in comparison to other industries 23 Insurance premium tax and fire brigade tax 24 Life insurance Life insurance companies by legal form 25 Business development life insurance, Pensionskassen and pension funds 26 in life insurance 27 of Pensionskassen 28 of pension funds 29 Premium income in life insurance 30 Life insurance premiums incl. Pensionskassen and pension funds regular and single premiums 31 by type of business 32

7 Life insurance premiums regular and single premiums 33 by type of business 34 New business in the life insurance by type of business 35 Riester pensions business in force and new business 36 Basisrenten business in force and new business 37 Occupational pensions: direct insurance and reinsurance business in force 38 Supplementary insurance business in force in life insurance 39 Insurance benefits in life insurance 40 Cash benefits paid in life insurance 41 Investment portfolio of life insurance companies 42 Long-term business development of Pensionskassen 43 Health insurance Health insurance companies by legal form 44 Business development in health insurance 45 Premium income in health insurance by type of insurance 46 Business in force in health insurance 47 Insurance benefits in health insurance 48 Insurance benefits paid in health insurance by type of insurance 49 by type of benefit 50 Compulsory long-term care insurance 51 Investment portfolio of health insurance companies 52 Property & casualty insurance Property & casualty insurance companies by legal form 53 Premium income and claims expenditure in property & casualty insurance 54 Premium income in property & casualty insurance by class 55 Claims expenditure in property & casualty insurance by class 56 Technical results in property & casualty insurance by class 57 Number of contracts and claims in property & casualty insurance 58 Number of contracts in property & casualty insurance by class 59 Number of claims in property & casualty insurance by class 60 Premium income and claims expenditure in property insurance 61 in private property insurance 62 in comprehensive insurance on buildings 63 in comprehensive insurance on contents 64 in non-private property insurance 65 in industrial / commercial / agricultural property insurance 66

8 in engineering insurance 67 in marine and aviation insurance 68 in credit, surety and fidelity insurance 69 in general liability insurance 70 in motor insurance 71 in motor vehicle third party liability insurance 72 in motor vehicle full own damage insurance 73 in motor vehicle partial own damage insurance 74 in motor accident insurance 75 in private accident insurance 76 in legal expenses insurance 77 in roadside assistance 78 Investment portfolio of property & casualty insurance companies 79 Reinsurance Premium income and claims expenditure of reinsurance companies 80 Premium income of reinsurance companies by class 81 Claims ratios and technical results of reinsurance companies by class 82 Investment portfolio of reinsurance companies 83 Overall economic data Development of the population Development of life expectancy 85 Development of mortality 86 Development of households Volume and structure of employment 88 Gross domestic product and its components at current prices 89 Gross domestic product and its components price-adjusted 90 Capital stock: gross fixed assets 91 Capital stock: net fixed assets 92 Building activity and stock of residential buildings and dwellings 93 Business start-ups and insolvencies 94 Health care sector 95 Development of the number of vehicles on the road 96 Road accidents 97 Transportation of goods 98 Incidence of durable goods in private households 99 Wages and salaries 100 Disposable income, consumption and savings 101 Cost of living index of all private households 102 Development of selected price indexes 103 Expenditure on motor vehicles 104

9 Financial assets of private households by type of investment as per end of year 105 Acquisition of financial asstes by private households by type of investment over the year 106 in the long term 107 Incidence of occupational pension schemes 108 Incidence of occupational pension schemes by pension vehicle 109 Interest rates, bond yields and share prices 110 Social statistical data Social welfare budget by function, type and source of finance 111 Statutory pension insurance 112 Statutory health insurance 113 Social long-term care insurance 114 Statutory accident insurance 115 Statutory unemployment insurance 116 Tax-financed basic social security systems 117 International reference figures Premium income of primary insurers in selected industrialised countries 118 in selected emerging markets 119 Penetration of insurance and insurance density in selected industrialised countries 120 in selected emerging markets 121 Premium income of important reinsurance locations 122 Pension funds in international comparison 123 Population in selected industrialised countries 124 Employment in selected industrialised countries 125 Gross domestic product and prices in selected industrialised countries 126 Public finances in selected industrialised countries 127 Population and economy in the EU accession countries 128 Gross domestic product and population in selected emerging markets 129 Interest rates, bond yields and share prices in Europe and the USA 130 Exchange rates 131

10 Abbreviations AGV ALG a.o. BA BaFin BI BMAS BMF BMG bn DAX DIHK DIW DM DRV ECB EEA EI EStG EU EUR Arbeitgeberverband der Versicherungsunternehmen (Employers Association of Insurance Companies) Arbeitslosengeld (unemployment benefits) and others Bundesagentur für Arbeit (Federal Employment Agency) Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority), until 2002 Bundesaufsichtsamt für das Versicherungswesen (BAV) (Federal Supervisory Office for Insurance Companies) business interruption insurance Bundesministerium für Arbeit und Soziales (Federal Ministry of Labour and Social Affairs) Bundesministerium der Finanzen (Federal Ministry of Finance) Bundesministerium für Gesundheit (Federal Ministry of Health) billion Deutscher Aktienindex (German Stock Index) Deutscher Industrie- und Handelskammertag (Association of German Chambers of Industry and Commerce) Deutsches Institut für Wirtschaftsforschung (German Institute for Economic Research) Deutsche Mark Deutsche Rentenversicherung (German Federal Pension Insurance Agency) European Central Bank European Economic Area engineering insurance Einkommensteuergesetz (Income Tax Act) European Union Euro

11 EUROSTAT Statistical Office of the European Communities FRG Federal Republic of Germany GDP gross domestic product GDV Gesamtverband der Deutschen Versicherungswirtschaft e.v. (German Insurance Association) GewO Gewerbeordnung (Trade, Commerce and Industry Regulation Act) i.e. id est (that is) ILO International Labour Organization IMF International Monetary Fund incl. including ins. insurance Jap. Japanese m million MA motor accident OECD Organisation for Economic Co-operation and Development p.a. per annum para. paragraph PKV Verband der privaten Krankenversicherung e.v. (Association of German Private Healthcare Insurers) Rep. Republic SGB Sozialgesetzbuch (Social Security Code) sq km square kilometre StBA Statistisches Bundesamt (Federal Statistical Office) t ton TPL third party liability USA United States of America VAG Versicherungsaufsichtsgesetz (Insurance Supervisory Act) value equal to zero value not available x value not meaningful

12 Key figures of private insurance insurance companies 1 (numbers) total of which: life insurers health insurers property & casualty insurers reinsurers premium income (in EUR m) primary insurance 2,3 36,000 69, , , , , ,628 4 life insurance 3 13,215 27,403 61,225 85,248 90,355 86,801 87,339 health insurance 4,830 9,546 20,712 31,468 33,270 34,667 35,670 4 property and casualty insurance 5, 6 17,955 32,939 49,398 54,701 55,219 56,615 58,619 reinsurance 7 7,141 13,713 28,843 34,674 36,191 40,352 share in premium income of primary insurance (as %) life insurance health insurance property & casualty insurance 5, insurance benefits (in EUR m) primary insurance 8 34,101 71, , , , , ,992 4 life insurance 8, 9 15,157 34,909 88, , ,361 92, ,344 health insurance 10 4,592 9,504 24,087 35,191 38,612 38,485 39,400 4 property & casualty insurance 5, 11 14,352 26,840 40,404 41,897 43,281 43,774 44,248 insurance portfolio (numbers in m) primary insurance 3, investment portfolio (in EUR bn) primary insurers and reinsurers , , , , employment (numbers in 1,000) insurance industry employees self-employed insurance intermediaries / advisers life insurers, health insurers, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds under German federal supervision carrying on actual business 2 written gross premiums 3 from 2009 incl. Pensionskassen and pension funds covered by the GDV statistics 4 provisional figure 5 German direct business; without nuclear insurance and pecuniary damage liability insurance; until 2002 without fidelity insurance; until 2009 without aviation insurance and aircraft and spacecraft liability insurance 6 without insurance premium tax; insurance classes covering fire incl. fire brigade tax 7 earned premiums of reinsurers incl. additional charges, net of retrocession 8 without Pensionskassen and pension funds 9 cash benefits paid to policyholders and increase in liabilities towards policyholders 10 total expenditures on benefits paid, premium refunds and allocations to ageing reserve 11 gross claims incurred for the accounting year 12 health insurance: until 1990 number of insured under each policy section, from 2000 number of risks; motor insurance: number of risks 13 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms as at 30 June of the respective year 14 as per end of year Source: compilation from following tables

13 2 Insurance companies by class of insurance business year federal supervision federal and of which: Land supervision 2 total number of insurance companies 1 life insurers health insurers numbers property & casualty insurers reinsurers , , , , , , , , , , , , , , , , , , , , life insurers, health insurers, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds under German supervision carrying on actual business as per end of year 2 incl. insurance companies without actual business 3 as at 31 March 1954 Source: BaFin

14 Insurance companies* by legal form** 3 year joint stock companies mutual insurance associations 1 numbers insurance institutions under public law other * life insurers, health insurers, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds under German supervision carrying on actual business, without small mutual insurance associations under Land supervision mostly limited to a particular region; until 1980 only insurance companies under federal supervision, as per end of year ** joint stock companies that due to their ownership structure are part of the public sector and joint stock companies whose shareholders are mutual insurance associations are included in joint stock companies 1 incl. small mutual insurance associations registered under section 53 VAG 2 mostly German establishments of foreign-based insurance companies, from 1995 without establishments of insurance companies based inside the EEA 3 as at 31 March 1954 Source: BaFin

15 4 Insurance companies and premium income by federal state* federal state number of insurance companies earned gross premiums in EUR m Baden-Württemberg ,328 28,923 27,941 Bavaria ,828 66,304 68,068 Berlin ,196 1,238 1,291 Brandenburg Bremen Hamburg ,597 11,154 11,003 Hesse ,177 15,016 15,672 Mecklenburg-West Pomerania Lower Saxony ,839 21,078 21,765 North Rhine-Westphalia ,480 61,640 61,813 Rhineland-Palatinate ,424 8,862 9,159 Saar ,274 2,993 2,843 Saxony Saxony-Anhalt Schleswig-Holstein ,374 2,383 2,227 Thuringia Germany , , ,472 * life, health, property & casualty insurers and reinsurers; only insurance companies under federal supervision, assignment to federal state by company headquarters Source: BaFin

16 Premium income in primary insurance by class of business* 5 year primary insurance life health property & total 1 regular premiums 2, 3 miums 3, 4 miums 3, total 1 regular pre- single pre- casualty 6 5 in EUR m , ,501 1, , ,676 5,068 2,068 6, ,000 35,419 13,215 12, ,830 17, ,888 68,507 27,403 26,022 1,381 9,546 32, , ,554 61,225 54,444 6,781 20,712 49, , ,242 62,565 55,714 6,674 21,718 50, , ,838 65,301 58,131 7,170 23,082 52, , ,377 68,574 60,222 8,352 24,741 54, , ,224 70,343 62,401 7,942 26,413 55, , ,584 75,244 65,844 9,400 27,348 55, , ,241 78,455 65,751 12,704 28,483 55, , ,047 78,967 66,091 12,876 29,461 54, , ,392 79,585 66,445 13,140 30,331 54, , ,424 85,248 64,255 20,993 31,468 54, , ,813 90,355 63,323 27,032 33,270 55, , ,190 86,801 63,908 22,893 34,667 56, , , ,339 64,614 22,725 35, ,619 change against previous year as % average annual rates of change as % * written gross premiums 1 from 2001 incl. Pensionskassen and pension funds covered by the GDV statistics 2 without single premiums from life insurance 3 from 2002 incl. Pensionskassen and pension funds covered by the GDV statistics 4 until 2003 incl. single premiums from supplementary insurance in life insurance without Pensionskassen and pension funds 5 until 2003 without single premiums from supplementary insurance in life insurance without Pensionskassen and pension funds 6 German direct business; without insurance premium tax; insurance classes covering fire incl. fire brigade tax; without nuclear insurance and pecuniary damage liability insurance; until 2002 without fidelity insurance; until 2009 without aviation insurance and aircraft and spacecraft liability insurance 7 provisional figure Source: GDV; PKV; BaFin

17 year 6 Insurance premium income* by legal form** joint stock companies mutual insurance associations 1 market share as % 3 insurance institutions under public law other * life insurers, health insurers, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds, from 2010 incl. pension funds; until 1970 insurance companies under German federal supervision, from 1975 to 1989 insurance companies under federal and Land supervision, until 1989 without reinsurance companies, from 1990 insurance companies under German supervision without small mutual insurance associations under Land supervision mostly limited to a particular region ** joint stock companies that due to their ownership structure are part of the public sector and joint stock companies whose shareholders are mutual insurance associations are included in joint stock companies 1 incl. small mutual insurance associations registered under section 53 VAG 2 mostly German establishments of foreign-based insurance companies, from 1994 without establishments of insurance companies based inside the EEA 3 share of legal form in gross premiums; until 1989 written gross premiums, from 1990 earned gross premiums 4 due to modified classification, figures not comparable to previous years Source: BaFin

18 Insurance benefits by class of business 7 year total of primary insurance 1 total 2 life 1 health property & of which total 3 of which casualty 4 benefits paid benefits paid to policyholders to policyholders in EUR m ,101 15,157 5,788 4,592 14, ,253 34,909 17,888 9,504 26, ,696 61,743 30,817 16,804 10,719 38, ,225 84,050 44,442 23,895 13,038 41, ,571 88,080 49,405 24,087 13,615 40, ,959 81,260 52,340 25,744 14,420 40, ,363 75,184 56,244 25,191 15,220 43, ,851 84,709 65,233 27,246 15,810 39, ,574 81,622 64,418 28,562 16,553 39, ,722 94,624 64,007 30,455 17,300 39, ,023 95,378 66,462 31,758 17,839 39, ,924 90,869 66,161 33,006 18,898 42, ,309 70,779 71,876 33,648 20,169 41, , ,647 71,196 35,191 21,121 41, , ,361 71,915 38,612 21,916 43, ,213 92,954 84,971 38,485 22,774 43, , ,344 75,730 39, , ,248 change against previous year as % average annual rates of change as % without Pensionskassen and pension funds 2 cash benefits paid to policyholders and increase in liabilities towards policyholders 3 total expenditures on benefits paid, premium refunds and allocations to ageing reserve 4 gross claims incurred for the accounting year, German direct business; without nuclear insurance and pecuniary damage liability insurance; until 2002 without fidelity insurance; until 2009 without aviation insurance and aircraft and spacecraft liability insurance 5 provisional figure Source: GDV; PKV

19 8 Insurance portfolios contracts, numbers in m life insurance health insurance property & casualty insurance total from 2005 incl. Pensionskassen and pension funds covered by the GDV statistics 2 until 1990 number of insured under each policy section (estimated); from 1995 incl. compulsory long-term care insurance, foreign travel health insurance a.o.; 2000 and 2005 change in counting method (modified definitions), not comparable to previous years 3 provisional figure 4 German direct business; without nuclear insurance and pecuniary damage liability insurance; until 2000 without marine insurance; until 2006 without credit, surety and fidelity insurance; until 2009 without aviation insurance and aircraft and spacecraft liability insurance Source: GDV; PKV; BaFin 9 Penetration of insurance and insurance density year 1 penetration of insurance as % 2 insurance density in EUR 3 total life 4 health property & casualty total life 4 health property & casualty , , , , , , , , , ,096 1, ,188 1, ,176 1, ,217 1, ,256 1, until 1980 former FRG territory, from 1991 Germany 2 written gross premiums of primary insurers, in relation to GDP 3 written gross premiums of primary insurers, in relation to inhabitants 4 from 2001 incl. Pensionskassen and pension funds covered by the GDV statistics 5 insurance density: population projections without consideration of the 2011 census 6 insurance density: population according to the 2011 census 7 partly provisional figures Source: GDV

20 Employment in the insurance industry by federal state federal state total 1 employees 2 selfemployed insurance intermediaries / advisers 3 numbers total 1 employees 2 selfemployed insurance intermediaries / advisers Baden-Württemberg 72,853 36,070 36,783 72,376 36,170 36,206 Bavaria 108,914 61,760 47, ,220 62,260 46,960 Berlin 19,527 11,390 8,137 18,905 11,050 7,855 Brandenburg 11,994 2,810 9,184 11,747 2,810 8,937 Bremen 4,558 3,180 1,378 4,604 3,230 1,374 Hamburg 26,130 21,850 4,280 25,675 21,460 4,215 Hesse 47,582 28,130 19,452 47,850 28,770 19,080 Mecklenburg-West Pomerania 7,821 2,510 5,311 7,639 2,500 5,139 Lower Saxony 43,838 22,510 21,328 44,011 23,150 20,861 North Rhine-Westphalia 125,247 77,140 48, ,093 76,860 47,233 Rhineland-Palatinate 20,881 7,820 13,061 20,676 7,950 12,726 Saar 7,332 3,910 3,422 7,209 3,840 3,369 Saxony 25,321 9,500 15,821 24,911 9,450 15,461 Saxony-Anhalt 10,657 3,190 7,467 10,477 3,110 7,367 Schleswig-Holstein 13,275 5,290 7,985 13,244 5,340 7,904 Thuringia 12,305 3,380 8,925 12,074 3,360 8,714 Germany 558, , , , , ,401 1 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms and self-employed insurance intermediaries / advisers 2 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms as at 30 June of the respective year 3 as per end of year Source: AGV; BA; DIHK

21 11 Employees in the insurance industry by field of activity year 1 total 2 insurance companies total 3 inside staff trainees 4 employed field staff numbers in 1, until 1985 former FRG territory, from 1990 Germany 2 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms; as at 30 June 3 inside staff, employed field staff and trainees, without employees in passive phase of partial retirement according to the Partial Retirement Act; as per end of year 4 Kaufleute für Versicherungen und Finanzen (insurance and finance clerks), Versicherungskaufleute (insurance clerks), general clerical occupations a.o. Source: AGV; BA

22 Insurance intermediaries and advisers* 12 self-employed insurance intermediaries / advisers numbers tied insurance intermediaries 1 172, , , , ,759 insurance agents with authorization 2 32,484 33,771 33,829 33,083 32,035 insurance brokers 38,883 41,972 44,192 45,641 46,271 product accessory intermediaries 3 2,465 2,861 3,011 3,075 3,076 insurance intermediaries, total 246, , , , ,141 insurance advisers * as per end of year, 2008: as at April tied agents registered by insurance companies under section 34d para. 4 GewO 2 tied agents representing one or multiple insurance companies licensed by the competent Chamber of Industry and Commerce 3 traders who mediate insurance as a supplement to the products or services provided as part of their principal activity and perform their activity as an insurance intermediary on direct behalf of one or several insurance intermediaries who have received authorization or of one or several insurance companies (section 34d para. 3 GewO) 4 traders who provide professional insurance advice without remuneration from an insurance company or being otherwise dependent on it (section 34e GewO) Source: DIHK Share of distribution channels in new business in the insurance industry life insurance 1 health insurance 2 property & casualty insurance 3, as % single-tied or insurance group intermediaries as main occupation as side job employed field staff multi-tied intermediaries brokers multiple agents credit institutions as single-tied intermediaries as multi-tied intermediaries direct selling other according to total of mediated premiums 2 according to mediated monthly premium 3 property, accident, liability, motor and legal expenses insurance 4 according to mediated annual premium Source: GDV 13

23 14 Development of the investments of the insurance industry* year accounting year s balance sheet values 1 in EUR bn change against previous year as % net new investments 2 gross new investments in EUR bn in EUR bn change against previous year as % disinvestments in EUR bn change against previous year as % , , , , , , , , average annual rates of change as % x x 12.9 x x x 17.2 x x x 14.3 x x x 12.3 x x x 9.0 x * life, health, property & casualty insurers and reinsurers, without Pensionskassen and pension funds; data from BaFin s primary insurance and reinsurance statistics 1 without deposit receivables from the insurance business assumed as reinsurance cover and investments where the investment risk is carried by policyholders (in particular from unit-linked life insurance) 2 difference between investments at the beginning and end of the year 3 property & casualty insurers without property, livestock and hail insurers and mutual ship insurance associations Source: BaFin

24 Investment portfolio of the insurance industry* 15 type of investment in EUR bn 1 bonds and debentures , ,096.5 shares participating interests real estate other investments total 1, , , , ,354.7 as % of investments bonds and debentures shares participating interests real estate other investments total * without Pensionskassen and pension funds; as per end of year 1 without deposit receivables from the insurance business assumed as reinsurance cover and investments where the investment risk is carried by the policyholder (in particular from unit-linked life insurance) Source: BaFin, GDV

25 16 Investment portfolio of primary insurers* in absolute figures type of investment in EUR bn 1 bonds and debentures mortgages loans loans to credit institutions loans to states loans to companies policy loans other mortgage bonds government bonds corporate bonds bonds and debentures included in funds subordinated loans and profit participation rights call money, time and fixed deposits other bonds and debentures shares directly held held in funds participating interests real estate directly held held in funds other investments total , , , ,118.1 * without Pensionskassen and pension funds; as per end of year 1 without deposit receivables from the insurance business assumed as reinsurance cover and investments where the investment risk is carried by the policyholder (in particular from unit-linked life insurance) Source: BaFin; GDV

26 Investment portfolio of primary insurers* in percentages 16 type of investment as % 1 bonds and debentures mortgages loans loans to credit institutions loans to states loans to companies policy loans other mortgage bonds government bonds corporate bonds bonds and debentures included in funds subordinated loans and profit participation rights call money, time and fixed deposits other bonds and debentures shares directly held held in funds participating interests real estate directly held held in funds other investments total * without Pensionskassen and pension funds; as per end of year 1 without deposit receivables from the insurance business assumed as reinsurance cover and investments where the investment risk is carried by the policyholder (in particular from unit-linked life insurance) Source: BaFin; GDV

27 17 Selected alternative investments of primary insurers* type of investment in EUR bn (share in total investments as %) primary insurers, total 1 private equity (0.6) 6.6 (0.6) 7.2 (0.6) 9.3 (0.8) 11.2 (0.9) directly held asset-backed securities and credit-linked notes 6.6 (0.6) 5.6 (0.5) 5.6 (0.5) 3.9 (0.3) 3.9 (0.3) asset-backed securities and creditlinked notes in funds 9.8 (0.9) 8.3 (0.7) 7.9 (0.7) 6.5 (0.5) 6.3 (0.5) hedge funds (0.5) 5.5 (0.5) 5.5 (0.5) 5.2 (0.4) 4.9 (0.4) investments with commodity risks 4 ( ) ( ) ( ) 1.5 (0.1) 1.9 (0.2) life insurers 5 private equity (0.6) 4.7 (0.7) 5.0 (0.7) 6.3 (0.8) 7.5 (1.0) directly held asset-backed securities and credit-linked notes 4.9 (0.7) 4.1 (0.6) 4.2 (0.6) 3.1 (0.4) 2.9 (0.4) asset-backed securities and creditlinked notes in funds 6.1 (0.9) 5.3 (0.8) 4.9 (0.7) 3.9 (0.5) 3.5 (0.5) hedge funds (0.5) 3.3 (0.5) 3.2 (0.4) 2.8 (0.4) 2.5 (0.3) investments with commodity risks 4 ( ) ( ) ( ) 0.6 (0.1) 0.9 (0.1) health insurers private equity (0.5) 0.8 (0.5) 0.9 (0.5) 1.1 (0.6) 1.3 (0.7) directly held asset-backed securities and credit-linked notes 0.5 (0.4) 0.6 (0.3) 0.5 (0.3) 0.4 (0.2) 0.4 (0.2) asset-backed securities and creditlinked notes in funds 1.1 (0.7) 0.8 (0.5) 0.8 (0.5) 0.7 (0.4) 0.8 (0.4) hedge funds (0.4) 0.6 (0.4) 0.7 (0.4) 0.8 (0.4) 1.0 (0.5) investments with commodity risks 4 ( ) ( ) ( ) 0.4 (0.2) 0.5 (0.3) property & casualty insurers private equity (0.6) 0.9 (0.7) 1.1 (0.8) 1.6 (1.1) 1.8 (1.3) directly held asset-backed securities and credit-linked notes 0.6 (0.4) 0.5 (0.3) 0.4 (0.3) 0.3 (0.2) 0.4 (0.3) asset-backed securities and creditlinked notes in funds 2.0 (1.4) 1.7 (1.3) 1.8 (1.3) 1.4 (1.0) 1.3 (0.9) hedge funds (0.4) 0.7 (0.5) 0.8 (0.6) 0.6 (0.4) 0.5 (0.4) investments with commodity risks 4 ( ) ( ) ( ) 0.3 (0.2) 0.3 (0.2) * as per end of year 1 incl. Pensionskassen 2 direct investment 3 investments in hedge funds and tied to hedge funds; directly and in funds 4 directly and in funds 5 without Pensionskassen and pension funds Source: BaFin

28 Insurance business written by German primary insurers in EEA countries, by country* 18 business written through establishments number 1 business written by way of freedom of services premiums number 1 premiums in EUR m 2 in EUR m 2 life 2011 Austria Denmark France Italy Luxembourg Netherlands Sweden United Kingdom total of EU total of EU total of EEA non-life Austria Belgium Denmark Finland France Greece Ireland Italy Luxembourg Netherlands Portugal Sweden Spain United Kingdom total of EU , total of EU , total of EEA 85 1, * direct business of German primary insurers written through establishment or by way of freedom of services 1 number of establishments or of insurance companies operating by way of freedom of services and carrying on actual business 2 written gross premiums Source: BaFin

29 19 Insurance business written by German primary insurers in EEA countries, by class of insurance* business written through establishments insurance class premiums in EUR m 1 non-life insurance 1, , ,434.7 accident / health insurance motor TPL insurance other motor insurance fire and other property insurance marine and aviation insurance general liability insurance credit and surety insurance other insurance classes life insurance total of EEA 1, , , , ,576.5 business written by way of freedom of services insurance class premiums in EUR m 1 non-life insurance accident / health insurance motor TPL insurance other motor insurance fire and other property insurance marine and aviation insurance general liability insurance credit and surety insurance other insurance classes life insurance total of EEA * direct business of German primary insurers written through establishment or by way of freedom of services 1 written gross premiums Source: BaFin

30 Foreign-controlled German primary insurers* 20 country of origin total 1 life insurers health insurers property & casualty insurers 2011 written gross premiums in EUR m (number of insurance companies) Austria (4) 15.5 (1) (1) (2) France 10,645.8 (10) 3,998.1 (3) 2,419.3 (1) 4,228.4 (6) Italy 11,202.1 (9) 5,851.6 (3) 2,308.8 (2) 3,041.7 (4) Netherlands (3) (3) ( ) ( ) Sweden (1) (1) ( ) ( ) United Kingdom (4) 14.7 (1) ( ) (3) total EU 23,961.0 (31) 11,287.3 (12) 4,849.7 (4) 7,824.0 (15) Russia (1) ( ) ( ) (1) Switzerland 6,953.0 (11) 4,692.1 (6) ( ) 2,260.9 (5) USA 0.0 (1) ( ) ( ) 0.0 (1) other countries 4,453.4 (1) 4,453.4 (1) ( ) ( ) total 35,470.4 (45) 20,432.8 (19) 4,849.7 (4) 10,187.9 (22) market share as % 2 total * German insurance companies with foreign direct or indirect majority interests over 50 %; allocation by country of origin according to majority shareholder s headquarters 1 without Pensionskassen and pension funds 2 in terms of written gross premiums of German primary insurers Source: BaFin

31 21 Insurance business written by European primary insurers in Germany* year premiums in EUR m 1 (share as % 2 ) total through establishments by way of freedom of services life (0.4) 155 (0.3) 59 (0.1) (0.6) 202 (0.4) 89 (0.2) (0.3) 6 (0.0) 176 (0.3) (1.6) 75 (0.1) 891 (1.5) ,211 (1.9) 162 (0.3) 1,049 (1.7) ,085 (3.3) 260 (0.4) 1,825 (2.8) ,768 (4.1) 379 (0.6) 2,389 (3.5) ,763 (4.0) 667 (1.0) 2,096 (3.0) ,804 (6.6) 918 (1.3) 3,885 (5.3) ,150 (6.7) 981 (1.3) 4,169 (5.4) ,251 (6.6) 927 (1.2) 4,324 (5.5) ,528 (6.9) 1,019 (1.3) 4,509 (5.6) ,158 (6.4) 999 (1.2) 4,159 (5.2) ,321 (5.1) 1,066 (1.3) 3,255 (3.9) ,667 (5.1) 1,161 (1.3) 3,506 (3.9) non-life (0.9) 518 (0.7) 123 (0.2) (1.0) 487 (0.7) 209 (0.3) (1.0) 502 (0.7) 208 (0.3) (1.2) 414 (0.6) 447 (0.6) (1.2) 455 (0.6) 391 (0.5) ,735 (3.5) 755 (1.0) 1,980 (2.6) ,523 (1.9) 1,043 (1.3) 479 (0.6) ,039 (2.4) 1,265 (1.5) 775 (0.9) ,032 (2.4) 1,374 (1.6) 658 (0.8) ,529 (2.9) 1,521 (1.7) 1,008 (1.2) ,829 (3.2) 1,700 (1.9) 1,128 (1.3) ,261 (3.6) 1,982 (2.2) 1,280 (1.4) ,254 (3.6) 1,960 (2.2) 1,294 (1.4) ,991 (4.2) 2,368 (2.5) 1,623 (1.7) ,027 (4.3) 2,503 (2.7) 1,524 (1.6) * primary insurance companies based in other EEA countries 1 written gross premiums, direct business 2 share in total direct business in Germany Source: BaFin

32 Market concentration in the insurance industry 22 individual insurers insurance groups market share as % life insurance 5 largest companies largest companies largest companies private health insurance 5 largest companies largest companies largest companies property & casualty insurance 5 largest companies largest companies largest companies primary insurance, total 2 5 largest companies x x x x x x largest companies x x x x x x largest companies x x x x x x reinsurance 5 largest companies largest companies largest companies in terms of earned gross premiums 2 a meaningful calculation of market shares based on individual insurance companies is not possible due to obligatory legal separation of life, health and property & casualty business Source: BaFin, own calculations

33 23 Insurance industry in comparison to other industries employment in 1,000 1 retail industry 1, , , , , ,159.5 engineering 1, , , chemical industry building industry 1, , , , , ,637.1 IT services banking industry insurance industry revenue in EUR bn retail industry engineering chemical industry building industry IT services banking industry insurance industry employees subject to social security contributions as at 30 June 2 until 2007 economic sector data processing and databases, from 2008 economic sector computer programming, consultancy and related activities 3 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms 4 due to modified classification, figures not fully comparable to previous years 5 written gross premiums of primary insurers and earned premiums of reinsurers, net of retrocession; incl. premium income of Pensionskassen and pension funds covered by the GDV statistics Source: BA; BaFin; GDV; StBA

34 Insurance premium tax and fire brigade tax 24 year 1 insurance premium tax fire brigade tax tax rate as % 2, 3 tax revenue in EUR m tax rate as % 4, 5 tax revenue in EUR m , , , , , , , , , , , , , , , , , , , , , , , , , , until 1990 former FRG territory, from 1991 Germany 2 general tax rate; particular risks/insurance classes are subject to different rates 3 taxable base is the insurance premium without insurance premium tax but incl. fire brigade tax 4 general tax rate; from 1 July 2010 the tax rate for fire insurance and fire BI is 22 % 5 taxable base is the insurance premium incl. calculated fire brigade tax but without insurance premium tax; from 1 July 2010 premiums of insurance contracts subject to fire brigade tax liability are only proportionately subject to insurance premium tax or fire brigade tax respectively 6 applicable from 1 July of the respective year Source: BMF; GDV