The German government abolished the three-year waiting period for an individual to move from state-regulated health insurance to private health insurance.
This has lead to more Germans purchasing private cover. According to research firm Timetric, the German health insurance category increased in value at a Compound Annual Growth Rate (CAGR) of 4.2% and is projected to record a CAGR of 3.3% to 2017.
German citizens have started investing in private health insurance products to gain access to better medical treatment, without having to pay expensive medical costs. Increasing public awareness about the benefits of private health insurance products, and the flexibility of accessing private healthcare services supported the growth. The segment registered 20% more new business during the first half of 2011 than it registered in 2010.
Natural disasters and economic growth influenced the upward trend
Demand for both personal accident and health insurance has also been positively influenced by the occurrence of natural disasters and economic growth. In 2012, 85% of the German population were mandatory or voluntary members of the public health insurance scheme, while the remaining 15% had private health insurance.
