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Insurance in Germany

Insurance companies of Germany, in the general judgement, belong to the most reliable in a pattern. It is interesting that the first-ever system of mandatory social insurance was created more than hundred years ago in Germany. In Germany in a pattern the system of commercial insurance was introduced also for the first time. There is the largest private insurance concern of Europe (Allianz Holding). In Munich - the world's largest reinsurance company, and in Cologne - the reinsurance company taking the third place among all reinsurance companies of the world.

Organizational forms

The oldest of all types of insurance companies in Germany is "Society of a mutual insurance": insurers are here at the same time and insured. Members of such company select a manual and share among themselves profits.

The largest insurance companies of Germany are the joint-stock companies, belonging to the private kapitalovladelets rendering insurance services on a commercial basis.

State monitoring

First of all it is necessary to mention existence in Germany "Federal department of monitoring over insurance companies". It is in Berlin. This department directs the state system of the tolerance of insurance companies on the market and monitoring over them. The state, thus, checks style of operation of insurance companies, including the sizes of contributions which arrive from clients for life insurance, responsibility insurance, hospital insurance etc.

Annually relevant public institutions check the general financial position of insurance companies: whether financial reserves that the insurance company could fulfill the obligations for payment of the insured sums are sufficient. It is checked also where these reserves are nested. Usually insurance companies are offered to put reserves in real estate, to grant loans on the security of real estate, to buy bonds, etc. In an action, - and they are always subject to oscillations, - less than 3 interest from total amount of the contributions drawn from the insured were in the early nineties nested. At the same time about 5 percent were nested in other types of involvement in the enterprises.

The state also tracks that data on the clients, accumulated in databanks of insurance company, weren't transferred to the third parties. In Germany the law on protection of personal data works. Insured it can be sure that its doors will have no continuous flow of the direct-sales representatives offering services of the companies as there will be no flow of mailings also with advertizing.

Types of insurance in Germany

Medical insurance (Krankenversicherung)

Krankenversicherung need to be had for receiving medical attendance. Such insurance can be both state, and a quotient, depending on the insurance company selected by you.

The state medical insurance is carried out by one of the medical cash registers set by the law (AOK, DAK, etc.). In case of the state insurance all members of your family can have family medical insurance.

In case of private insurance each family member shall have the personal health insurance. Thus, both contributions, and medical protection are set as individually. As a rule, insured privately can select both doctors, and Heilpraktiker which aren't paid by the state medical cash registers. Besides, they have the right to be serviced in unary chambers in case of treatment in hospital and the right for carrying out out-patient surveys. Under certain conditions insured in private medical cash register receives the partial compensation of the contributions paid to them.
Car insurance (Kfz-Haftpflichtversicherung)

This type of insurance is mandatory for each car owner. The amount of contributions depends on the insurance company selected by you, your driver's experience and existence of points for traffic violations of the rules. If you have the driver's experience acquired out of Germany, there is a sense to address in insurance companies which consider this experience in case of determination of the amount of an insurance premium.
Legal insurance (Rechtschutzversicherung).

Rechtschutzversicherung isn't mandatory in Germany, but can be very useful if you resort to services of the lawyer. Rechtschutzversicherung has many varieties which are applied in different cases, for example:

    Verkehrs-& Fahrzeug-Rechtschutzversicherung

    This type of insurance will provide you free protection of the lawyer in case of a road accident.

    Grundstücks-& Miet-Rechtschutzversicherung

    Having a similar insurance, you have the right to address to the lawyer on housing problems, your insurance company will pay his services.

    The insurance according to the labor law works, for example, in case of a wrongful dismissal from operation, nonpayment of a salary and other conflicts of the employer and the worker.

    The legal insurance adopts such expenditures as fee of the lawyer, cost of guiding of correspondence, court costs, expenditures for the translations of necessary documents, etc.


Berufsunfähigkeitsversicherung consists to insure itself from possible approach of professional disability and provides payment of pensions on disability (Berufsunfähigkeitsrente).
Private Haftpflichtversicherung.

This type of insurance provides a covering of the inadvertent damage caused by you to the third parties. In case of a loss occurrence you shall report about it to your insurance company in writing and submit application for indemnification (Schadensanzeige).

Hausratversicherung will help you to return damage under different circumstances, such as as an act of vandalism, theft, natural disaster, a fire and so forth. Such insurance is important in the presence in the house of valuable things.

Category: Insurance history in the different countries of the world | Added by: Chance23 (20.04.2014)
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