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Insurance industry

In 2013 the international insurance industry once again finds itself facing the challenge of negotiating an uncertain market climate and economic situation. The financial and debt crises in Europe have still not been resolved and are casting a shadow over international markets. Despite this general environment, the insurance sector will probably be able to maintain its stable course. Given that there has been no easing in competition, the challenge of generating more growth is likely to be the dominant topic again.

The improvement of risk management systems remains a key concern for insurers. As a general principle, investment strategies will likely take a long-term view. Life insurers, in particular, face the problem of creating attractive individual retirement provision products for consumers despite the sustained policy of low interest rates. In view of climate change, strategies to protect against risks associated with the repercussions of extreme weather conditions are taking on increased significance around the world.

The German insurance industry anticipates a robust development in 2013. Assuming that the economy as a whole does not deteriorate, the German Insurance Association (GDV) expects premium income to build on 2012 with another moderate increase.

Primary insurance business is becoming increasingly internationalised around the world. This trend will likely continue in the coming years, even if the business written by primary insurers remains essentially national by nature. The move towards uniform competitive standards within the European insurance market has met with delays: preparations for implementation of the European Solvency II Directive are still ongoing. Solvency II will bring about fundamental Europe-wide reform of insurance supervision and solvency requirements.

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