German insurers seek strategy to navigate changing period
Saturday, 11 12 2016, Category: Insurance and Reinsurance, Country: Germany
Many German insurers are struggling to find a suitable strategy to help them navigate the current challenging environment characterised by low interest rates, fierce competition and the disruptive forces of new technology.
“There has never been a period as life changing for the German insurance industry as the current one,” said Frederik Wulff, general representative for the German region at Markel International.
A low interest rate environment is squeezing profitability in the German market, particularly in the life business. Adding to this is the growing pressure to digitise the business and product distribution, while already fierce competition is growing further through new digital entrants, Wulff noted.
Source: Intelligent Intelligent Insurer