Il mercato tedesco considera ancora la BU come la sua scelta di primo livello
In the vibrant landscape of Germany's employment sector, one crucial aspect often goes unnoticed - insurance against incapacity for work. Despite over 45 million employed individuals, only around 17 million insurance contracts were in place in 2019. This revelation underscores the importance of raising awareness about the significance of safeguarding one's livelihood.
The prevalence of insurance for smartphones, for instance, far outweighs that for the ability to work. However, this trend is gradually changing, as more people recognize the importance of protecting their income.
The long-term effects of the Corona pandemic on disability insurance are still uncertain. Nevertheless, it's clear that more Germans are becoming incapacitated for work due to psychological illnesses. In fact, nearly one-third of Basic Ability (BU) claims are attributed to mental illnesses.
The digital transformation of workplaces may further contribute to this trend, as increasing digitization could potentially lead to an increase in mental disorders.
In light of these developments, Basic Ability and Occupational Disability insurance are expected to continue to dominate the German insurance market. Basic Ability insurance, with its affordability, is considered a sensible alternative for some, particularly for craftsmen seeking to secure their income.
However, Basic Ability insurance often excludes mental illnesses as a cause of incapacity in many tariff variants, potentially leaving those affected by psychological illnesses unprotected. Occupational Disability insurance, while comprehensive, can be unaffordable for some.
Recently, there have been reports of supposedly widespread refusals of BU benefits or rejections in new business during the pandemic. However, these reports are not based on facts and are rather unserious speculations.
The advisory service of insurance intermediaries is crucial for a higher spread of incapacity for work insurance. In an effort to increase awareness, insurance intermediaries must address the topic of their own incapacity for work.
Income protection insurance has barely established itself in the German market, but it is a promising area for growth. Meanwhile, the new chairman of the DAV, Herbert Schneidemann, and the new CEO of the Stuttgarter Insurance Group, Guido Bader, are poised to lead these developments.
It's worth noting that Guido Bader, in addition to his new role, was also the past president of the German Actuarial Association (DAV).
Women up to the age of 40 have a 30 percent higher risk of becoming incapacitated for work, especially due to psychological stress. This statistic underscores the need for comprehensive and inclusive insurance solutions that cater to the unique challenges faced by different demographics.
The expected developments in disability insurance statistics over the next 20 years, particularly as a result of the COVID-19 pandemic, indicate challenges due to increased health burdens such as those related to post-COVID syndrome. However, specific detailed forecasts for BU insurance statistics directly linked to the pandemic are not explicitly provided in the available sources. The pandemic has caused shifts in workforce health and qualifications, influencing insurance risk profiles and claims, while ongoing health issues like respiratory and musculoskeletal disorders remain significant factors in insurance cases.
In conclusion, while the landscape of disability insurance in Germany is evolving, there is still a need for increased awareness and comprehensive, affordable, and inclusive insurance solutions. The new leadership in the DAV and Stuttgarter Insurance Group, coupled with the efforts of insurance intermediaries, promises a promising future for the development of these solutions.
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