The life insurance sector in Germany has experienced a consistent decline in employment, with full-time equivalents decreasing from 26.05 thousand in 2013 to 14.44 thousand in 2023. This represents a significant year-on-year reduction, with notable negative variations such as -7.77% in 2014, -7.51% in 2021, and -7.87% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years leading to 2023 is -7.32%, highlighting an accelerating downturn in employment. Future forecasts predict further downsizing, with employment expected to drop to 8.44 thousand by 2028, indicating a five-year CAGR of -8.57% and a total decrease of -36.1% by 2028.
Future trends to watch for:
- Continued digitalization and automation within the industry potentially leading to further job reductions.
- Consolidation of services and mergers among life insurance companies affecting employment rates.
- Potential shifts towards new technological roles and skill requirements within the sector.
- Regulatory changes and market dynamics influencing employment trends.
