{"id":2127,"date":"2025-09-29T11:22:01","date_gmt":"2025-09-29T10:22:01","guid":{"rendered":"https:\/\/segurosecidadania.pt\/?p=2127"},"modified":"2025-09-30T12:36:56","modified_gmt":"2025-09-30T11:36:56","slug":"ricardo-ferreira-reis-3-2-2-3-2-2-7-2-2-2-2-2-3-2-2","status":"publish","type":"post","link":"https:\/\/segurosecidadania.pt\/?p=2127","title":{"rendered":"THE FUTURE OF THE INSURANCE INDUSTRY: INSIGHTS FROM THE GERMAN MARKET"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4bm40s-fe86c8175703a358c6812508620391a6\">\n.avia-section.av-4bm40s-fe86c8175703a358c6812508620391a6{\nbackground-color:#2c5778;\nbackground-image:unset;\nz-index:0;\nposition:relative;\n}\n.av-curtain-footer.av-curtain-activated #main .avia-section.av-4bm40s-fe86c8175703a358c6812508620391a6{\nz-index:0;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-4bm40s-fe86c8175703a358c6812508620391a6 main_color avia-section-small avia-no-border-styling  avia-builder-el-0  el_before_av_one_full  avia-builder-el-first  avia-bg-style-fixed av-custom-positioned container_wrap fullsize'  ><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-2127'><div class='entry-content-wrapper clearfix'>\n<div  class='flex_column av-2cmlkc-646ac3a019615b5eb3b58e4e8a5a51f8 av_one_full  avia-builder-el-1  avia-builder-el-no-sibling  first av-break-at-tablet flex_column_div  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mg4wl9ue-18d902417fafbba073a80820753753d7\">\n#top .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7{\nmargin:0 0 0 0;\npadding-bottom:0;\ncolor:#ffffff;\nfont-size:25px;\n}\nbody .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .av-special-heading-tag{\nfont-size:25px;\npadding:0 0 0 0;\n}\n.av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .special-heading-inner-border{\nborder-color:rgba(0,0,0,0.01);\n}\n.av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .av-subheading{\nfont-size:20px;\n}\nbody .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .av-special-heading-tag .heading-wrap:before{\nborder-color:rgba(0,0,0,0.01);\n}\nbody .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .av-special-heading-tag .heading-wrap:after{\nborder-color:rgba(0,0,0,0.01);\n}\n\n@media only screen and (max-width: 479px){ \n#top .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7{\nmargin:0 0 -100px 0;\n}\n#top #wrap_all .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .av-special-heading-tag{\nfont-size:17px;\n}\n}\n\n@media only screen and (min-width: 768px) and (max-width: 989px){ \n#top .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7{\nmargin:0 0 -35px 0;\n}\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7{\nmargin:0 0 -35px 0;\n}\n#top #wrap_all .av-special-heading.av-mg4wl9ue-18d902417fafbba073a80820753753d7 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mg4wl9ue-18d902417fafbba073a80820753753d7 av-special-heading-h6 custom-color-heading blockquote modern-quote  avia-builder-el-2  avia-builder-el-no-sibling  av-inherit-size'><h6 class='av-special-heading-tag'  itemprop=\"headline\"  >Newsletter APS #11 | setembro 2025<\/h6><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div><\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='after_section_1'  class='main_color av_default_container_wrap container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-2127'><div class='entry-content-wrapper clearfix'><div  class='flex_column av-6kwi4-8e596f04c27eab16388547305a04b6bc av_one_full  avia-builder-el-3  el_after_av_section  avia-builder-el-no-sibling  first flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-hlakc-11ef2cbb47b41d5d366e5e7b4b06b95f\">\n#top .av-post-metadata-container.av-hlakc-11ef2cbb47b41d5d366e5e7b4b06b95f{\nfont-size:14px;\nmargin:0 0 1px 0;\n}\n#top .av-post-metadata-container.av-hlakc-11ef2cbb47b41d5d366e5e7b4b06b95f .av-post-metadata-container-inner{\nfont-size:14px;\n}\n<\/style>\n<div  class='av-post-metadata-container av-hlakc-11ef2cbb47b41d5d366e5e7b4b06b95f av-metadata-container-align-left  avia-builder-el-4  el_before_av_heading  avia-builder-el-first  av-metadata-container-1'><div class='av-post-metadata-container-inner'><span class=\"av-post-metadata-content av-post-metadata-meta-content\"><span class=\"av-post-metadata-content av-post-metadata-category\"><span class=\"av-post-metadata-category-link\" ><a href=\"https:\/\/segurosecidadania.pt\/?cat=15\" >Opini\u00e3o<\/a><\/span><\/span><\/span><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ls1ryc5k-154cdb4a99bfdb087d908f7e2cdb72a5\">\n#top .av-special-heading.av-ls1ryc5k-154cdb4a99bfdb087d908f7e2cdb72a5{\nmargin:0 0 0 0;\npadding-bottom:-20px;\n}\nbody .av-special-heading.av-ls1ryc5k-154cdb4a99bfdb087d908f7e2cdb72a5 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-ls1ryc5k-154cdb4a99bfdb087d908f7e2cdb72a5 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-ls1ryc5k-154cdb4a99bfdb087d908f7e2cdb72a5 av-special-heading-h6 blockquote modern-quote  avia-builder-el-5  el_after_av_post_metadata  el_before_av_heading '><div class='av-subheading av-subheading_above'><p>DAVID BOZZETTI, UNIVERSIDADE DE LEIPZIG (ALEMANHA)<\/p>\n<\/div><h6 class='av-special-heading-tag'  itemprop=\"headline\"  >  <\/h6><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f\">\n#top .av-special-heading.av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f{\nmargin:20px 0 0 0;\npadding-bottom:20px;\nfont-size:30px;\n}\nbody .av-special-heading.av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f .av-special-heading-tag{\nfont-size:30px;\npadding:0 0 10px 0;\n}\n.av-special-heading.av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-ls1rzmt1-e66920a05539fc4c68be1a36af7de99f av-special-heading-h1 blockquote modern-quote  avia-builder-el-6  el_after_av_heading  el_before_av_image  av-inherit-size'><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >THE FUTURE OF THE INSURANCE INDUSTRY: INSIGHTS FROM THE GERMAN MARKET<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ls1s056x-2a2f9b2493241b52694508960f2e1238\">\n.avia-image-container.av-ls1s056x-2a2f9b2493241b52694508960f2e1238 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-ls1s056x-2a2f9b2493241b52694508960f2e1238 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-ls1s056x-2a2f9b2493241b52694508960f2e1238 av-styling- avia-align-center  avia-builder-el-7  el_after_av_heading  el_before_av_textblock '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-2125 avia-img-lazy-loading-not-2125 avia_image ' src=\"https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha.jpg\" alt='' title='Alemanha'  height=\"800\" width=\"2000\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha.jpg 2000w, https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha-300x120.jpg 300w, https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha-1030x412.jpg 1030w, https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha-768x307.jpg 768w, https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha-1536x614.jpg 1536w, https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha-1500x600.jpg 1500w, https:\/\/segurosecidadania.pt\/wp-content\/uploads\/2025\/09\/Alemanha-705x282.jpg 705w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-ls1s13k0-bd5659602c8ec4c80c8d120e3dc440cc '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"font-weight: 400;\">The insurance industry is shaped by complex and dynamic factors. A clear understanding of these underlying drivers is essential for anticipating the trajectory of future developments. Political and economic challenges, comprising trade tensions, macroeconomic volatility, and global supply chain risk, increasingly influence various activities of insurers across the entire value chain. Concurrently, socio-demographic factors, encompassing demographic change, compel insurers to address societal challenges in domains such as pension, health, and long-term care insurance. Furthermore, technological advancements, including the early development of Artificial Intelligence and Machine Learning in the 1980s, have introduced both novel opportunities and complex challenges for insurers. Regulatory considerations also play a crucial role, as insurers navigate evolving frameworks to ensure compliance while promoting responsible innovation, covering the ethical use of AI and the prudent management of sustainability-related risks. Hence, insurers must navigate a complex landscape of political and economic challenges, socio-demographic change, technological advancements, and regulatory considerations.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\"><strong>Life Insurance<\/strong><\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">The life insurance business model has traditionally relied on interest income from government bonds and high guaranteed returns. The persistent low-interest-rate environment of the past decade has undermined this foundation, necessitating a shift toward hybrid and unit-linked products. Although the recent rise in interest rates has provided some relief, ongoing fluctuations create challenges for insurers in balancing guaranteed returns with competitive product offerings. A further structural concern relates to cost efficiency: compared with low-cost index funds, traditional products are increasingly scrutinized due to relatively high distribution and administrative expenses. While a direct comparison is limited, given that life insurance also provides risk pooling and longevity protection, the sector is nonetheless required to demonstrate these supplementary benefits with greater transparency to maintain competitiveness.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Hybrid solutions and alternative investments, for instance low-cost index funds, offer flexibility and the potential for higher returns but transfer greater investment risk to policyholders. This underscores the necessity for clear communication and financial literacy. Distribution models remain under debate. Commission-based systems can generate conflicts of interest, whereas fee-based advice risks excluding lower-income households. A balanced approach, ensuring accessibility while safeguarding consumer interests, is crucial for the sector\u2019s credibility.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\"><strong>Health Insurance<\/strong><\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Private health insurance (PKV) in Germany faces persistent structural challenges. Rising medical expenditures and an aging insured population exert sustained cost pressures, while the number of comprehensive insurance contracts has stagnated. The sector is also subject to ongoing political debates regarding contribution ceilings and compulsory insurance thresholds, which introduce regulatory uncertainty. Medical innovations, digital infrastructures, and the issue of ageing reserve portability further complicate the competitive environment. In this context, insurers focus on digitalization, efficiency gains, and service differentiation, yet the long-term viability of the full-insurance model remains under critical scrutiny.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\"><strong>Property and Casualty Insurance<\/strong><\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Car insurance, representing over one-third of German P&#038;C premiums in 2023, remains a core business line but faces rising repair costs and inflationary pressures. Combined ratios exceeding 100 percent over multiple years highlight the urgent need for disciplined pricing strategies and adequate premium adjustments. Looking forward, connected and autonomous vehicles are set to fundamentally transform risk assessment and pricing models. Preventive measures, comprising telematics-based monitoring to reward safe driving, advanced driver-assistance systems equipped with emergency braking and lane-keeping aids, anti-theft devices, and systematic vehicle maintenance programs, will play an increasingly pivotal role in mitigating losses and enhancing overall portfolio performance.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Simultaneously, escalating climate-related risks, encompassing hailstorms, floods, and other extreme weather phenomena, affect both car and property insurance. In the property sector, basic coverage for elemental damages is generally included in German insurance policies, whereas extended natural hazard protection covering events such as heavy rainfall and floods is optional. Many property owners remain unaware of these risks and have not purchased supplementary protection, despite its availability. This engenders a persistent imbalance between supply and demand, which may worsen in the future as climate-induced damages drive up premiums and restrict coverage availability. The 2021 floods in the Ahrtal region highlighted structural vulnerabilities and reinforced debates concerning the introduction of mandatory natural hazard insurance. Projections suggest that climate-driven damages could double by 2050, a forecast endorsed by the German Insurance Association (GDV). Preventive measures, covering risk-informed building design, storm-resistant construction, early warning systems, and systematic infrastructure maintenance, are increasingly recognized as crucial. At the Institut f\u00fcr Versicherungswissenschaften, research is ongoing into effective mitigation strategies in property insurance to reduce both the frequency and severity of climate-related losses.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Cyber insurance is emerging as a critical P&#038;C line, driven by the growing dependence on digital infrastructure and the rising frequency of cyber incidents. Insurers face challenges, including escalating claims from ransomware attacks, business interruption, and data breaches, which have led to sharply rising premiums and tighter underwriting standards. Preventive measures, comprising mandatory cybersecurity protocols, employee awareness training, intrusion detection systems, and systematic vulnerability assessments, are central to mitigating losses. Research at our institute also focuses on identifying effective risk-reduction mechanisms and incentives for policyholders to strengthen cyber resilience, recognizing that prevention is often the most cost-effective instrument in this rapidly evolving risk landscape.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\"><strong>Outlook and Strategic Adjustments<\/strong><\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">The future of insurance is expected to be shaped by several emerging trends. It may evolve toward more customer-centric models, moving beyond traditional loss compensation toward preventive and service-oriented approaches. Digitalization is likely to play an increasing role, embedding insurers into ecosystems that facilitate seamless interaction and data-driven personalization. Climate-related risks are becoming more prominent, necessitating strategies for adaptation and resilience. Collaboration could gain significance, particularly in managing systemic risks, for instance natural catastrophes and cyber threats. Insurers will also need to remain adaptive, capable of responding to volatile economic conditions, evolving regulations, and changing societal expectations.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Progress in these domains involves significant challenges and trade-offs. Product development must balance flexibility with security, avoiding excessive risk transfer to consumers. Digital ecosystems may provide opportunities to integrate preventive services and enhance customer engagement, but their effectiveness depends on adoption and implementation. Addressing protection gaps in natural hazards or cyber risk is complex: mandatory schemes may increase coverage but could also become unaffordable, emphasizing the importance of preventive measures and climate adaptation strategies. Finally, talent strategies must evolve to equip the workforce for technological, demographic, and market changes, emphasizing critical thinking alongside technical expertise.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\"><strong>Conclusion<\/strong><\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">The German insurance industry navigates a complex and evolving landscape shaped by economic, demographic, technological, and climate-related factors. Life, health, and P&#038;C insurers face distinct structural challenges, from low-interest-rate pressures and regulatory uncertainty to rising claims from extreme weather and cyber incidents. Across all lines, preventive measures, including digital monitoring and risk-informed building design through cybersecurity protocols, emerge as crucial instruments for mitigating losses and enhancing resilience. Looking ahead, insurers must balance innovation with prudence, adapt to evolving risks, and develop strategies that safeguard both their customers and the broader societal framework.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">Author:<\/p>\n<p style=\"font-weight: 400;\">David Bozzetti (M.Sc.), Doctoral candidate<\/p>\n<p style=\"font-weight: 400;\">Institute for Insurance Economics<br \/>\nChair holder: Prof. Dr. Fred Wagner<br \/>\nUniversity of Leipzig<\/p>\n<p style=\"font-weight: 400;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"font-weight: 400;\">\n<\/div><\/section><\/p><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A opini\u00e3o de David Bozzetti, no contexto da visita \u00e0 APS de 22 alunos do MBA (Master of Business Administration) em Seguros da Universidade de Leipzig, para conhecerem o mercado segurador e a atividade da Associa\u00e7\u00e3o. O MBA em Seguros decorre na Faculdade de Administra\u00e7\u00e3o e Economia, com um programa coordenado e implementado pelo Instituto de Ci\u00eancias de Seguros (IfVW) daquela Universidade.<\/p>\n","protected":false},"author":2,"featured_media":2125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-2127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opiniao"],"_links":{"self":[{"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=\/wp\/v2\/posts\/2127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2127"}],"version-history":[{"count":3,"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=\/wp\/v2\/posts\/2127\/revisions"}],"predecessor-version":[{"id":2183,"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=\/wp\/v2\/posts\/2127\/revisions\/2183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=\/wp\/v2\/media\/2125"}],"wp:attachment":[{"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/segurosecidadania.pt\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}