Versicherung: Sind die Lebensversicherer die Verlierer der Riester-Reform?
Depot statt Police? Die Ratingagentur Moody’s sieht massive Risiken auf die Branche zukommen, aber auch die Chance, sich neu aufzustellen. Nicht jedem Anbieter dürfte das gelingen.
Will the life insurance industry lose out in the Riester Reform? As of January 2027, when the government-backed pension scheme kicks in, many consumers may opt for a deposit solution instead of an insurance policy. Neobrokers and banks are already aggressively targeting customers. "We see massive risks for German life insurers," Moody's analyst Christian Badorff said during a press conference on Thursday.
The impact may extend beyond new business to the pension portfolios as well. As of the end of 2025, the providers had 9.5 million Riester insurance policies on their books, according to figures from the German Insurance Association (GDV). "Above all, companies with younger Riester contracts that have been selling clients in recent years at low guaranteed interest rates could be under pressure," Badorff noted.
He still does not want to declare the industry a loser. There are also new opportunities: "The question is just not yet settled whether the life insurers will take advantage of them." Potential annual premium volume of six billion euros With the pension reform, the state for the first time also promotes capital market assets without contribution guarantee.
Consumers can then choose between an investment portfolio or a guarantee product with 80% or 100% guarantee. In addition, there is the standard deposit as a simplified entry variant with particularly low costs.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
