The production value of life insurance in Germany has shown considerable fluctuations over the past decade. Starting at 19.64 billion Euros in 2013, it experienced a peak in 2015 at 21.09 billion Euros, with significant year-on-year variations. The value saw a downturn in 2020 to 15.99 billion Euros, before partially recovering in subsequent years. By 2023, the value stood at 18.8 billion Euros. This period highlights an average annual decline with a negative CAGR of approximately -0.82% over the last five years.
Looking ahead, the forecast indicates a continued slight decrease in production value from 2024 to 2028, averaging -0.67% CAGR leading to an estimated 17.95 billion Euros by 2028.
Future trends to watch for:
- Impact of regulatory changes on the life insurance market.
- Shifts in consumer preferences towards more flexible and digital insurance products.
- Macroeconomic factors including interest rates and economic growth affecting disposable incomes and insurance uptake.
- Demographic trends, especially the aging population, and their effect on life insurance demand.
