The gross premium income of life insurance in Germany stood at $86.0 billion in 2023, reflecting a 1.6% decline from 2022. Over the last two years, the trend showed a mixed direction with a slight uptick in 2022 by 3.49%, followed by a decrease in 2023. Observing the data since 2013, a significant decline is apparent, with the most substantial drop occurring between 2014 and 2015. From 2024 onward, the forecasted data suggests a consistent downward trend, estimating an annual average contraction (CAGR) of 1.45% over the next five years, leading to a 7.02% overall decline by 2028.
Future trends to watch for:
- Regulatory changes impacting life insurance policies
- Technological advancements in underwriting and distribution
- Changes in customer preferences toward alternative investment options
- Impact of demographic shifts, particularly aging populations
