Breakdown of regional markets
Germany
We traditionally write life and health reinsurance in the German market through our subsidiary E+S Rückversicherung AG. The focus of our activities here is on life and annuity business. We work closely with our customers to develop innovative insurance concepts that meet the constantly changing needs of this market.
An increasing focus on biometric risks is to be anticipated in the German life insurance market, which continues to be overshadowed by the challenging economic climate in Europe. This trend will be supported by the progressive ageing of the population. In particular, we have observed stronger demand for long-term care and disability covers. Greater awareness of the need to provide for retirement is reflected in the steadily increasing prominence of these products.
The changeover to unisex tariffs in primary insurance business occurred on 21 December 2012. The implications of this reform for policyholders and pricing were difficult to assess in advance. For new contracts taken out in the final months of 2012 many insurers are therefore offering an option to switch to one of the new unisex tariffs. This topic is also a preoccupation for the reinsurance industry, since the conditions in reinsurance treaties are normally aligned with the original rates on the primary side.