Insurance: Are life insurers the losers of the Riester reform?
Depot instead of policy? The rating agency Moody's sees massive risks coming for the industry, but also the opportunity to reposition itself. Not every provider is likely to succeed in this.
The introduction of a new state-funded old-age pension in January 2027 may pose significant risks to German life insurers, according to Moody's analyst Christian Badorff. Many consumers are expected to opt for a depot solution instead of insurance, with neobrokers and banks already actively courting customers. As of the end of 2025, there were 9.5 million Riester insurance policies, and those with younger Riester contracts and low guaranteed interest rates may face pressure.
The reform could result in a loss of potential annual contributions of six billion euros for life insurers.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
