Forecast: Insurance, Reinsurance and Pension Funding Output in Germany

Between 2013 and 2023, the Insurance, Reinsurance, and Pension Funding Output in Germany showed a steady increase, rising from 67.7 billion euros in 2013 to 98.35 billion euros in 2023. The year 2023 stood at 98.35 billion euros. Notable fluctuations include a significant increase in 2015 with a year-on-year rise of 8.58% and a moderate growth rate of 1.79% in 2016. From 2018 onwards, growth remained relatively consistent, with an overall average annual growth rate (CAGR) of 2.87% over the last five years.

The forecast from 2024 to 2028 suggests continued albeit slower growth, with a projected CAGR of 1.27% and an overall forecasted 5-year growth rate of 6.5%. This indicates the market is set to continue expanding, though at a more modest rate compared to previous years. For instance, from 2023 to 2024, the market is expected to grow by 1.7%, reaching 100.02 billion euros in 2024.

Future trends to watch for include:

• An increased emphasis on digital transformation within the insurance sector.
• Greater integration of artificial intelligence and machine learning for risk assessment.
• Development and adoption of new insurance products to meet evolving consumer needs.
• Potential impact of regulatory changes within the European Union on the German insurance market.
• Climate change implications influencing reinsurance demands.