Germany Life Insurance Market, 2020-2027
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Germany Life Insurance Market, 2016-2027 (US$M)
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Germany life insurance market highlights
- The Germany life insurance market generated a revenue of USD 108,651.5 million in 2020 and is expected to reach USD 142,743.4 million by 2027.
- The Germany market is expected to grow at a CAGR of 4% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
Life insurance market data book summary
| Market revenue in 2020 | USD 108,651.5 million |
| Market revenue in 2027 | USD 142,743.4 million |
| Growth rate | 4% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data | 2016 - 2019 |
| Base year | 2020 |
| Forecast period | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, Germany accounted for 10.3% of the global life insurance market in 2020.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In Europe, Germany life insurance market is projected to lead the regional market in terms of revenue in 2027.
- Germany is the fastest growing regional market in Europe and is projected to reach USD 142,743.4 million by 2027.
The Germany contributed to the largest market share of the European life insurance market in 2019, accounting for 33.0% of the market share in 2019. The insurance sector in Germany is divided into three type of insurance firm state-owned, mutual, and public insurers.
Low interest rates are negatively impacting the earnings and businesses of life insurers. The firms that offered products with high guarantees earlier now struggle to earn the promised guarantees for customers with traditional investments.
Moreover, people in Germany prefer not to buy term insurance, despite it being very affordable. Large proportion of the population is uninsured or underinsured against premature death.
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Life Insurance Market
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| American International Group Inc | View profile | 25,200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | www.aig.com |
| MetLife Inc | View profile | 45,000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | www.metlife.com |
| Prudential Financial Inc | View profile | 40,658 | 751 Broad Street, Newark, NJ, United States, 07102 | www.investor.prudential.com |
| Lincoln National Corp | View profile | 11,024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | www.lincolnfinancial.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| China Life Insurance Co Ltd Class H | View profile | 100,000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | www.e-chinalife.com |
Germany Life Insurance Market
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Life Insurance Market will help companies and investors design strategic landscapes.
Whole Life Insurance was the largest segment with a revenue share of 34.09% in 2020.
Horizon Databook has segmented the Germany life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
The Germany contributed to the largest market share of the European life insurance market in 2019, accounting for 33.0% of the market share in 2019. The insurance sector in Germany is divided into three type of insurance firm state-owned, mutual, and public insurers.
Low interest rates are negatively impacting the earnings and businesses of life insurers. The firms that offered products with high guarantees earlier now struggle to earn the promised guarantees for customers with traditional investments.
Moreover, people in Germany prefer not to buy term insurance, despite it being very affordable. Large proportion of the population is uninsured or underinsured against premature death.
- Germany Life Insurance Market Product Outlook (Revenue, USD Million , 2016-2027)
- Whole Life Insurance
- Term Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
- Germany Life Insurance Market Distribution Channel Outlook (Revenue, USD Million , 2016-2027)
- Agency
- Broker
- Bancassurance
- Digital & Direct Channels
- Germany Life Insurance Market Type Outlook (Revenue, USD Million , 2016-2027)
- Individuals
- Corporate houses/Business Units
- Others (Govt. agencies and NGOs
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Horizon Databook provides a detailed overview of country-level data and insights on the Germany Life Insurance Market, including forecasts for subscribers. This country databook contains high-level insights into Germany Life Insurance Market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
Germany Life Insurance Market, 2016-2027 (US$M)
Germany life insurance market statistics, by product, 2016-2027 (US$M)
