Despite the corona crisis, German life insurance companies are heading for a good year. “I think that German life insurance companies will be able to collect more than 100 billion euros in premiums,” said Allianz Leben CEO Andreas Wimmer of Tagesspiegel. “That would be the second best result in five years.”
The business is also thriving in the Allianz subsidiary. In the first nine months of this year, Germany’s largest life insurance company was able to acquire 60,000 new customers in the network, although brokers were unable to visit or receive customers for a long time. “Awareness of the need to protect oneself from existential risks has grown,” says Allianz Leben, head of the company.
Andreas Wimmer has been the head of Germany’s largest life insurance company since January. Photo: promo
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Wimmer warned against talking badly about Riester’s contracts. “This product was entered incorrectly,” he said. Last year, Allianz Leben concluded more than 45,000 new Riester contracts that were eligible for further subsidies, and saw a new increase of 5.3 percent. However, reform of the system is necessary, says Wimmer. “You need to simplify the process of allocating allowances and you should also cancel the full premium guarantee in the Riester,” the insurance manager demanded.