German insurers’ body cuts growth outlook for 2024 premium income

MUNICH (Reuters) – German insurers expect to see a lower increase in premium income this year, the German Insurance Association (GDV) said on Monday, as the life insurance business struggles with a delayed turnaround in interest rates.

The association now expects 2024 premium income to rise by 2.8% year-on-year, down from its previous forecast in January of a 3.8% jump.

However, the GDV expects premium income across the German insurance industry to increase between 3.1% and 5.5% in 2025, the association said in its half-yearly outlook report.