The number of persons employed in life insurance in Germany has been on a consistent decline since 2014. From a peak of 27.9 thousand employees in 2013, the sector gradually reduced to 18.86 thousand by 2023, reflecting a significant trend of workforce reduction. The downward trend is evident with year-on-year decreases averaging -5.7% over the past five years (2019-2023) and a Compounded Annual Growth Rate (CAGR) of -4.58% projected for the next five years up to 2028.
Key observations from the data include:
- The sector demonstrated a minor fluctuation with occasional increases until 2016 before resuming a steady decline.
- The most pronounced reduction occurred between 2018 and 2019 with a sharp drop of -9.73%.
- The year 2023 saw the value stand at 18.86 thousand employees, emphasizing consistent attrition.
- Predictions suggest a continuation of this decline, reaching 14.16 thousand by 2028, marking a -20.89% decrease over this five-year forecast period.
Future trends to watch for include the impact of digital transformation in insurance operations, potential economic factors affecting employment rates, and any regulatory changes impacting labor force dynamics in the life insurance sector. Monitoring these areas can provide greater insight into the sector's ongoing evolution and workforce needs.
