As of 2012 – total of 568 primary insurance companies
At the end of 2012, a total of 568 primary insurance companies (including burial funds) and
reinsurance companies were subject to federal supervision in Germany. Property and casualty
insurance companies, which provide insurance for business and household assets as well as
liability coverage, represent the largest share of the total with 210 institutions. Total gross
written premiums for the primary insurance sector were EUR 192.5 as of year-end 2012.
Gross written premiums in Germany’s large reinsurance sector amounted to more than EUR
46.7 billion in 2011.
The investment portfolio of Germany’s primary insurance sector 43 amounted to EUR 1.12
trillion in 2012, up by 4.5% from the previous year. The investment portfolio of the
reinsurance sector amounted to EUR 236.6 billion. A breakdown of the combined portfolios
by investment category shows that investments in bonds, loans and other fixed income
products account for 80.9% of the total, investment holdings for 10.6%, real estate for 3.1%,
equities for 2.9% and other investments for 2.5%.
The largest domestic insurance company is Allianz SE – designated a G-SII by the FSB –
with total group-level financial assets of EUR 400 billion at the end of 2012. Munich Re is
another globally active domestic insurance company, with group-level capital investments
valued at EUR 225 billion.
At the beginning of 2012, the BMF responded to the persistent low-interest rate environment
by lowering the maximum technical interest rate for new contracts, from 2.25% to 1.75%. In
addition, in order to ensure that insurance companies remain able to finance future
obligations under life insurance and annuity contracts, the BMF introduced an “additional
interest provision” to the premium reserve.