Munich Financial Center: Top in Finance! - Invest in Bavaria
Munich Financial Center: Top in Finance! - Invest in Bavaria
Munich Financial Center: Top in Finance! - Invest in Bavaria
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<strong>Munich</strong> <strong>F<strong>in</strong>ancial</strong> <strong>Center</strong> Initiative<br />
Insurance: A Global Leader<br />
<strong>Munich</strong> is one of the lead<strong>in</strong>g <strong>in</strong>surance cen-<br />
ters worldwide. About 80 <strong>in</strong>surance compa-<br />
nies have their headquarters <strong>in</strong> the <strong>Bavaria</strong>n<br />
state capital and its surround<strong>in</strong>g towns –<br />
among them one of the most important di-<br />
rect <strong>in</strong>surers worldwide, the Allianz Group;<br />
the world‘s largest re-<strong>in</strong>surance company,<br />
<strong>Munich</strong> Re; Europe‘s lead<strong>in</strong>g legal expenses<br />
<strong>in</strong>surer, D.A.S.; Germany‘s most important<br />
<strong>in</strong>surance group under public law, Versiche-<br />
rungskammer Bayern (<strong>Bavaria</strong>n Insurance<br />
Chamber); as well as the largest group of<br />
professional pension plans <strong>in</strong> Germany,<br />
Bayerische Versorgungskammer (<strong>Bavaria</strong>n<br />
Pension Chamber).<br />
In addition to the <strong>in</strong>surance groups domi-<br />
ciled <strong>in</strong> <strong>Munich</strong>, numerous other foreign<br />
and domestic <strong>in</strong>surers ma<strong>in</strong>ta<strong>in</strong> pr<strong>in</strong>cipal<br />
offices <strong>in</strong> the metropolis on the Isar, among<br />
them Swiss Re, one of the world’s lead<strong>in</strong>g<br />
re<strong>in</strong>surers. The <strong>in</strong>surance <strong>in</strong>dustry employs<br />
around 29,000 people <strong>in</strong> <strong>Munich</strong> alone,<br />
more than <strong>in</strong> any other German city.<br />
Across <strong>Bavaria</strong>, about 65,000 people work<br />
for <strong>in</strong>surance companies. Of that number,<br />
more than 12,000 work <strong>in</strong> the two additional<br />
major <strong>Bavaria</strong>n <strong>in</strong>surance locations –<br />
Nuremberg and Coburg. Along with HUK-<br />
Coburg, one of the most important German<br />
automotive <strong>in</strong>surers, and the Nürnberger<br />
Versicherungsgruppe – among other th<strong>in</strong>gs,<br />
<strong>in</strong> second place among occupational disa-<br />
bility <strong>in</strong>surers – additional lead<strong>in</strong>g German<br />
<strong>in</strong>surance companies are domiciled <strong>in</strong><br />
these cities.<br />
The <strong>Munich</strong> and <strong>Bavaria</strong>n<br />
Insurance <strong>Center</strong><br />
<strong>in</strong> Figures*<br />
<strong>Munich</strong><br />
Employees: 29,000<br />
Insurance companies domiciled<br />
<strong>in</strong> <strong>Munich</strong> (and region): 80<br />
<strong>Bavaria</strong><br />
Employees: 65,000<br />
Insurance companies<br />
domiciled <strong>in</strong> <strong>Bavaria</strong>: 110<br />
The Largest Insurers<br />
at a Glance*<br />
Allianz<br />
Employees worldwide: 162,000<br />
Turnover 2004: 96.9 bn. euros<br />
Münchener Rück<br />
Employees worldwide: 41,000<br />
Gross premiums: 38.1 bn. euros<br />
D.A.S.<br />
Employees worldwide: 3,600<br />
Premium <strong>in</strong>comes: 1.16 bn. euros<br />
Nürnberger Versicherungsgruppe<br />
Employees worldwide: 37,000<br />
Premium <strong>in</strong>comes: 2.9 bn. euros<br />
HUK-Coburg<br />
Employees worldwide: 8,700<br />
Premium <strong>in</strong>comes: 4.2 bn. euros<br />
*rounded data from 2004<br />
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