Munich It is currently the greatest challenge for Germans’ old-age provision: Inflation has been rising for months, and in March inflation climbed to 7.3 percent. On the other hand, customers for the core product of private old-age provision – life insurance – only receive ongoing interest of an average of two percent.
As a result, many of the expectations that customers once had when concluding their contract will not be fulfilled.
The sums with which the savers have secured themselves are no longer sufficient to cover their financial needs in the future due to the devaluation of the currency. “In life insurance, inflation leads to the conclusion that all Germans are underinsured,” is the summary of Dirk Schmidt-Gallas, head of the insurance division at consultant Simon Kucher.
At the turn of the year, Germans had taken out around 83 million life insurance policies. According to the industry association GDV, the number has even increased slightly compared to the two previous years.
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