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ARTICLE · 30 APRIL 2026

The German Insurance Market: Opportunities And Considerations For Fund Managers

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The German insurance market, with €1.9 trillion in assets, represents one of Europe's largest pools of institutional capital, with allocations to alternative investments growing from 23% to 30% over the past two years.

GermanyFinance and Banking
Rozhin KeshavarzI
Rozhin KeshavarzI
Margarida Ferreira
Margarida Ferreira
Harriet Miller
Harriet Miller
Lora Froud
Lora Froud
Rachel Richardson
Rachel Richardson
Richard Fletcher
Richard Fletcher

The German insurance market is one of the largest in Europe. With insurance assets of €1.9tn, insurers represent the largest institutional investor group in Germany1. Across German institutional investors, allocations to alternative investments continue to grow, increasing from 23% to 30% over the past two years2, with insurers allocating more extensively than other investors3.

For fund managers looking to access this pool of capital, understanding the regulatory landscape is essential. Insurance investors are typically categorised by the regulatory regime that applies to them, namely either Solvency II or the German-specific “AnlV” Investment Regulation (Anlageverordnung). In theory, Solvency II applies to large insurance companies and AnlV to "small" insurers and certain types of pension schemes (Pensionskassen or Versorgungswerke). However, this distinction is not always straightforward in practice.

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