From 2013 to 2023, the Gross Written Premium Income of Life Insurance in Germany showed a general upward trend. As of 2023, the premium income stood at €105.58 billion, indicating overall growth despite some fluctuations. Notably, there was significant growth in 2022 with a 7.22% year-on-year increase, followed by a more moderate 1.79% increase in 2023. The average annual growth rate (CAGR) over the last 5 years was 1.94%.
Looking ahead to forecasted data from 2024 to 2028, the trend is expected to continue its upward trajectory, reaching €114.95 billion by 2028. The forecasted 5-year CAGR from 2024 to 2028 is modest at 1.4%, projecting a 7.18% cumulative growth rate over this period.
Future trends to watch for:
• Digital transformation in life insurance offerings.
• Increased emphasis on personalized insurance products.
• Impact of regulatory changes and economic conditions on market behavior.
• Consumer demand for sustainability and ethical financial products.
• Adoption of advanced analytics and AI for risk assessment and customer engagement.
