The German Insurance market is very sophisticated and very much competitive. There is a wide range of products and policies that are available . Even if there is public participation the individual’s have to pay for their insurance requirements. The major problem with Germany is its population which is getting older compared to other countries.
Germany has a social market which supported the insurance market to grow to its current position . The Federal Office for the Supervision of Financial Services has been acting as the regulatory body in the insurance business in the country.
The three biggest insurance lines life, health, and property and casualty insurance that are most sought after in Germany , There is also many other types of insurance policies that are available in the market place.
Health insurance is mandatory in Germany and most of the people do possess some form of health insurance. Health care insurance is divided into 2 parts in Germany , Largest part of health insurance is the basic public health insurance provided by State which provides only a basic coverage. Private health insurance is only for supplemental needs. The private insurance meets the particular needs of the customer but the premium value is usually more.
• All the vehicles need to be insured in Germany , there are two types of vehicle insurance third party insurance and comprehensive insurance.
• In Germany you will find a comprehensive home insurance to protect it from various risks and damages though it is not compulsory by law.
In Germany there are various types life insurance available that not only meets your individual needs but also it meets your financial position. Make sure to shop around to buy the best life insurance and make sure to read the policy document very carefully.
Major insurance companies in Germany are :
- BNP Paribas Cardif
- Generali Deutschland Holding
- Munich Re
- Talanx AG
- Zurich Financial Services