Knowledge clusters Munich

Insurance and banking

Munich is Germany's number one location for insurance and is only second to Frankfurt for banking. Munich is even the global leader in reinsurance.

Info at a glance

  • insurance location number one in Germany
  • second place as German banks location (after Frankfurt)
  • worldwide leading location for reinsurances
  • six of the 50 biggest German credit institutions are resident in Munich
  • one of the leading German FinTech locations
  • the „InsurTech-Hub“ of the Federal Ministry for Economic Affairs is located here

 

More than Policies and Savings Accounts – the Competency Cluster for Finance in Munich

It is a very special mix that makes Munich so successful as a business location. On the one hand there is the meld of global players, small and medium-sized enterprises, start-ups and workshops, on the other a broad spectrum from information and communication technology to medical and environmental technology, life sciences, cultural and creative industries to the automotive sector. One important factor is also the high-performance finance sector: Munich is Germany's number one location for insurance and is only second to Frankfurt for banking. Munich is even the global leader in reinsurance.

Two DAX companies in the insurance sector have their headquarters in Munich – MunichRe AG and Allianz Deutschland AG. Along with companies like AXA, Continentale, D.A.S. Rechtsschutz, Generali, Swiss Life, Versicherungskammer Bayern and many more, the who's who of the insurance sector are located in the Bavarian capital. The bank sector excels in its regional image with six of the 50 major German banks calling Munich their home. In 2017, there were 57,850 people or 6.8% of employees liable to social security contributions in Munich who were working in the finance sector, mainly in banks and in insurance and reinsurance companies.

The finance sector is facing enormous challenges due to low interest rates, regulation, digitisation and hard competition, which are also reflected in the declining employment figures. At the same time new tasks, new opportunities and new solutions are arriving on the finance stage: a technology-oriented start-up scene in the bank and insurance industry was able to establish itself successfully in Munich. Munich is thus one of the leading German fintech locations. White & Case, the international law firm, even ranked Munich as the number 5 global fintech centre after Silicon Valley, London, Singapore and Hong Kong.

Thanks to the many information and communication technology enterprises in Munich, the fintech and insurtech scene can blossom and bloom and also benefit from the numerous research institutes at home in Munich. It is only logical that in May 2017 Munich was appointed InsurTech Hub as part of the Digital Hub Initiative of the German Federal Ministry of Economic Affairs and Energy. The aim of the InsurTech Hub is to equip the traditional insurance industry for the future with innovative business models.

The hub offers creative minds both the physical environment in the form of co-working spaces and event spaces and a digital platform for bouncing ideas around. They bring companies, founders, investors, authorities, associations and research together. Start-ups are given a smooth path to investors and know-how, which in turn boosts Munich's pull for international insurtech start-ups. Twelve renowned insurers from Bavaria participated in the foundation of the sponsoring association, and international networking is racing ahead. In February 2018, Plug and Play, the venture capitalists, were taken on board.

Finance companies that want to stage congresses, annual meetings or incentives find in Munich not only an excellent infrastructure and the popular attractions of the city, but also a decidedly exciting environment. First-class expertise, a cornucopia of business ideas and options for building up new networks – all in one place.

 

Past Congresses:

EBADay 2018 | GVNW Symposium | 24th International Congress on Insurance

 

 

Photo: iStock/Jirapong Manustrong
Clusters Munich

Medicine

In all modesty, when it comes down to medicine, Munich is simply great.

In all modesty, when it comes down to medicine, Munich is simply great. In no other city in Germany are there so many scientists working on the development of new therapies and drugs and doing basic medical research.

Life Science

The Munich Metropolitan Region performs quite well in an intensified global competition.

The Munich Metropolitan Region performs quite well in an intensified global competition: In 2016, approximately 190 biotechnology companies with 12,000 employees and approximately 35 pharmaceutical companies with 8,000 employees had their registered seat in the Munich region, indirectly securing jobs of approximately 4,000 employees working with 80 subcontractors and service providers.

Science and research

Alone the presence of so many young people in the city is a clear indication that there are myriad university and non-university institutions for education and science in and around Munich.

Munich is a hive of research and teaching. Alone the presence of so many young people in the city is a clear indication that there are myriad university and non-university institutions for education and science in and around Munich. Add to this the numerous science-based companies who have their headquarters in the Isar metropolis.

Automotive

Two global players, the BMW Group and commercial vehicle manufacturer MAN, call Munich and the Munich Metropolitan Region home.

Two global players, the BMW Group and commercial vehicle manufacturer MAN, call Munich and the Munich Metropolitan Region home. They are joined by a network of countless suppliers, specialists, developers and service providers.

Aerospace technology

The Munich region is one of the major locations for aerospace technology in Germany.

The Munich region is one of the major locations for aerospace technology in Germany and stands out through its extensive scope and depth of sectors. Companies and research institutions are active in aeronautics, space technology, and satellite navigation.

IT and communication

Of the European locations for information and communication technology, Munich is number one.

Of the European locations for information and communication technology, Munich is number one, ahead of metropolises like Paris and London.

Insurance and banking

Munich is Germany's number one location for insurance and is only second to Frankfurt for banking. Munich is even the global leader in reinsurance.

Munich is Germany's number one location for insurance and is only second to Frankfurt for banking. Munich is even the global leader in reinsurance.

Culture and creativity

Munich is the headquarters of leading German literary publishers.

Munich is the headquarters of leading German literary publishers; this is where the Süddeutsche Zeitung is printed, the daily newspaper with the highest circulation and probably the most renowned quality newspaper in Germany; the Munich film industry generates 18% of the German turnover; Munich is also a world-class musical and cultural city with award-winning orchestras, stages and museums.