Germany offers greater opportunity to foreign players

Ratings agency Standard & Poor’s has said that tax changes in Germany could further open the door for foreign players in the country’s notoriously parochial insurance market. Speaking at the launch of S&P’s annual Insurance Market Profiles , German market analyst Karin Clemens forecast ongoing consolidation in the market this year and next as competition conspires to keep rates low. Recent tax changes would encourage German companies to dispose of their holdings in local insurers thus offering opportunities for foreign groups looking to gain a foothold in the market.