Germany Life & Non-Life Insurance Market Report 2022: Featuring Key Players Allianz, Generali Deutschland, AXA Konzern & Others - ResearchAndMarkets.com

The "Germany Life & Non-Life Insurance Market - Growth, Trends, COVID-19 Impact and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

Germany is the country having the world's fifth-highest number of coronavirus cases . This has created a positive impact on the Germany life and non-life insurance market. On the other hand, COVID-19 has been difficult for insurers facing potential losses and uncertainty owing to high claim pay outs during the pandemic. It has also brought about potential scope for new products to offer the market.

The German insurance sector is divided into three types of insurance firms: public, mutual and state-owned insurers. Few large firms are stock-listed, though the market is characterized by a large number of insurance firms. As a result, consolidation is ongoing and expected to accelerate in the future.

German insurers sell relatively low levels of corporate insurance compared to their British peers, instead focusing on private insurance business. The market has been stable in the past as insurers showed high levels of capitalization, which, to date, prevented them from defaulting. German insurers retained approximately 86 % of the risk they took on through premiums and passed the remaining share onto reinsurers.

InsurTech sector has seen much technological and investment development over the past few years. Traditional insurance business lines, such as health, auto, and commercial, are being revolutionized by new digital-centric startups. New technologies, such as AI and IoT, have been re-architecting insurance data, the foundation of the insurance industry.

Key Market Trends

Increasing Focus Towards Digitalization of Insurance Supply Chains

So far, companies have focused primarily on customer-facing applications. But some insurers are beginning to realize that digital means much more than cool and convenient apps for consumers; it is a force that will touch and reshape the very core of their business. Yet firms will get the full benefit of digital technology only when they embrace its potential along the entire insurance value chain, including underwriting and claims management.

Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT),distributed ledger technology, virtual reality (VR), Infrastructure and productivity, and others are some of the modern technologies that help insurance companies to achieve digitalization.

Workforce Transformation has increased market penetration.

Workforce Transformation of German Life and Non-life Insurance companies is something that create the agile, modern insurer and upskill the workforce to prepare for change. As technology, emerging risks, customer expectations and competitive pressures change the industry, Insurers need to rethink their work, workforce and workplaces.

Leading insurers give their workforce the platforms and opportunities they need to respond to today's challenges.

German Life and non-life insurance companies are partnering with the clients to reimagine insurance workforce solutions, making significant, impactful changes in the work and roles within the insurance organization.

The Workforce Transformation approach goes beyond incremental change, to rearchitecting the work and roles done in an insurance organization, reskilling their workforce and increasing performance, creating better digital/ physical workplaces. The Workforce Analysis is done by the companies which tells them what work is needed, who should do it, what skills are required and where does that work needs to happen. Workforce transformation along with leveraging AI helps the German insurance companies to identify key gaps in client talent and expand capabilities in the client's retained workforce.

Industry dynamics and talent market disruptions have presented an opportunity for insurers to transform their workforce and drive increased value for the organization. Practically, this means putting the processes, checks and balances in place to organize resources in a way that is diverse, and promotes employee growth.

Workforce Transformation has led to increased penetration of Life and Non-Life Insurance Market in Germany. Insurance penetration shows the overall contribution of the insurance industry to the economy of a Germany and is calculated as the insurance spending as a share of gross domestic product (GDP).

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXCEUTIVE SUMMARY

4 MARKET INSIGHTS AND DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Porters Five Forces Analysis

4.5 Government Regulations and Industry Policies

4.6 Impact of COVID-19 on the market

5 MARKET SEGMENTATION

5.1 By Type

5.2 By Distribution Channel

6 COMPETITIVE LANDSCAPE

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 DISCLAIMER AND ABOUT US

Companies Mentioned

• Allianz Group
• Munchener Ruck Gruppe
• Talanx Konzern
• R+V Konzern
• Generali Deutschland AG
• Debeka Versicherungen
• AXA Konzern AG
• Versicherungskammer Bayern
• HUK Coburg Versicherungsgruppe
• Signal Iduna Gruppe*

For more information about this report visit https://www.researchandmarkets.com/r/glydg1

View source version on businesswire.com: https://www.businesswire.com/news/home/20220712005727/en/