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The German Insurance Association (Gesamtverband der Deutschen Versicherungswirtschaft e.V., GDV) represents the interests of the entire German insurance industry. Germany is the second-largest insurance market in the EU and a global leader in reinsurance. In 2024, insurers in Germany wrote gross premiums worth more than 230 bn Euros – a testament to the sector’s role as a cornerstone of the European economy. Insurers safeguard assets, enable economic growth, and help communities and businesses become more resilient in the face of uncertainty.
Our members manage nearly half a billion contracts on behalf of their customers. In property & casualty insurance alone, they handled more than 23 m claims in 2023, translating into more than 63,000 claims per day. Related claims expenditure amounted to 66 bn Euros in the same year, averaging 181 m Euros per day, or 126,000 Euros per minute. German life insurers paid out 101.8 bn Euros in 2024 supporting old-age provision and pensions, an increase of 2,8 percent from the previous year. These payments represent a substantial contribution to the societal functioning of the country.
GDV members are an important contributor to economy and society. The German insurance industry employs about 480,000 people. Insurers contribute about 25 bn Euros annually to the German exchequer. With around 1.9 tn in assets, German insurers represent the largest institutional investors in the country. Each year, they channel from 200 to 300 bn Euros into new investments, over 70 percent of which are invested within the Eurozone, underlining the industry’s role as a key European economic growth enabler.