The employment in the life insurance sector in Germany has seen a steady decline from 27.9 thousand employees in 2013 to 18.86 thousand in 2023. The initial years saw a fluctuating pattern, with modest increases and decreases. However, since 2019, the decline has become more pronounced, especially with a significant year-on-year drop of 9.73% in 2019. The past five years reflect a consistent reduction in the number of employees, with a CAGR of -5.7% from 2018 to 2023.

Looking ahead, the forecast indicates a continued downward trend in employment, with an anticipated decline to 14.16 thousand by 2028. This corresponds to an average annual decrease of 4.58%, reflecting a total projected reduction of 20.89% over the next five years.

Future trends to watch for:

Automation and digital transformation in the insurance sector potentially reducing the need for human resources.
The impact of regulatory changes and economic factors on employment levels.
Evolution in customer behavior and preferences, possibly influencing employment structures.