NU Online News Service, Oct. 18, 3:42 p.m. EDT
The German insurance industry rebounded effectively from the global economic downturn, although growth has been limited by underwriting conditions and catastrophe losses, according to a Moody's Investors Service analysis.
Moody's, which released its new "industry scorecard" on the German insurance industry, said, "Although the German insurance industry was affected by the economic downturn through capital deterioration and reduced profitability, it proved to be resilient compared with other German financial institutions and insurers in other jurisdictions."
The rating agency credited the industry's resilience to strong pre-crisis capitalization levels, conservative investment portfolios and strong reserving practices.
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