BERLIN (dpa-AFX) - The insurance industry has revised its business expectations for the current year slightly downwards. "For 2024, we expect premium growth of 2.8 percent across all lines of business," announced Jorg Asmussen, Managing Director of the German Insurance Association (GDV), on Monday. The association had previously assumed growth of 3.8 percent. The reason for the correction is poorer single-premium life insurance business. Premiums there are therefore expected to fall by 2.6 percent in 2024.

Overall, however, the insurers' business is not doing badly. GDV is already forecasting premium growth of between 3.1 and 5.5 percent for the coming year. In 2023, growth was only 0.8 percent. The economic outlook has stabilized, emphasized Asmussen. However, despite rising incomes, consumers remain cautious when it comes to consumption./maa/DP/men