GERMAN INSURERS AGREE PAY DEAL WITH UNION

German insurers and the country’s service-sector trade union Verdi have agreed a 2.8% pay rise from June 1 for 220,000 workers in the industry, after a day of negotiations. Verdi had originally sought a pay increase of 5.5% for its members, plus a shorter working week and other improvements in working conditions. Verdi negotiator Hinrich Feddersen said that the compromise deal was balanced and fitted in with wage deals reached this year in other sectors — most notably Verdi’s agreement last week with local private-sector banks, where a 2.8% pay rise was also agreed.