Chapter 17 - Germany
Approximately 914 foreign insurers are underwriting direct risks on the German market, either through a branch or, for the majority, by offering services from their foreign places of business.
Most of these insurers are based in countries of the European Economic Area (EEA). Approximately 1,265 German underwriters add to this number. All of these underwriters together achieved a turnover related to direct insurance of €117 billion in non-life insurance and €92.4 billion in life insurance, of which €6.3 billion and €5 billion respectively was generated by EEA insurers. Many of the German insurers are small-capital companies or mutuals that are only active within narrow geographical limits. The Federal Financial Supervisory Authority (BaFin), the German insurance supervisory authority, lists 30 actively operating reinsurers that have their seat in Germany and five that are seated in the EEA as at 30 September 2019.
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