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German insurance premium income seen up 0.4% in 2020 - GDV

Reuters
·1-min read

BERLIN (Reuters) - Premium income for German insurers is expected to have risen 0.4% in 2020, a sharp slowdown from last year as the pandemic weighed on the industry, according to the German insurance association GDV.

Income was dampened by the financial insecurity generated by the coronavirus that affected life insurance, as well as lockdowns that limited demand for car insurance.

The small rise compared with a 7% increase in 2019.

"So far we have come through this difficult coronavirus year relatively unscathed," said GDV chief Joerg Asmussen.

(Reporting by Klaus Lauer; Writing by Tom Sims; Editing by Caroline Copley)