The Association of the German Insurance Industry (GDV) has presented the figures for the 2020 financial year at the annual media conference on Wednesday, 20 January 2021, but also some predictions for the new year.
"If we look at 2020, which is turbulent and economically difficult in many respects, and take into account the strong previous year, then we are very satisfied with the development of premiums," said GDV President Wolfgang Weiler at the conference. In 2019, premium income increased by an exceptionally strong percent of 7.1.
Weiler also cited possible catch-up effects as one reason, part of which could flow into private pension provision. In property and casualty insurance, on the other hand, there are signs of weaker premium growth of around 1.5 percent this year.
According to GDV projections regarding the motor and property insurance, premium income in property and casualty insurance increased by 2.1 percent to 74.8 billion EUR. The reasons for the weaker growth compared to the previous year (2019: +3.5 percent) lie in almost all segments. In the largest sub-line of motor vehicle insurance, numerous companies have enabled their customers to reduce premiums because of lower mileage. Property insurance, on the other hand, was stable overall, as business in key lines such as household or building insurance is not pandemic-dependent.
The premium income of private health insurance companies increased in 2020 by 3.8 percent to 42.6 billion EUR, health insurance accounts for 38.4 billion EUR of this (+1.5%). In long-term care insurance, income was 4.2 billion EUR (+31.2%). This was essentially caused by additional services in the course of the statutory nursing care reforms.
The insurance benefits paid out by private health insurance increased by 0.2% to 30.1 billion EUR. Health insurance accounted for 28.4 billion EUR of this, and long-term care insurance for 1.7 billion EUR.
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