Sector in brief
Bavaria offers insurance and finance institutes a solid basis for the performance of the entire industry with its comprehensive ecosystem. Numerous companies from the banking and insurance sector, asset management as well as the risk capital, leasing and factoring sectors are based in Bavaria. As a result, excellent research institutions encounter many successful companies from the financial industry in Bavaria. Resulting in an ideal starting point for start-ups too. As the big players have recognised that their business is undergoing radical change due to digitalisation. There is a great deal to do together. It’s being done in Bavaria.
100 insurance companies are based in Bavaria
Around 188,000 people work in the financial economy in Bavaria. Around 100 companies in the insurance sector are based in Bavaria, making the state one of the world's leading insurance locations. These companies include Allianz AG and Munich Re, the world's largest reinsurer. Bavaria's banking and insurance sector has seen growth of 59 per cent since the start of the 1990s. The sector in Bavaria appears stable and robust, with the forward-looking stock exchange, innovative asset management and Bavaria as Germany's most important state of venture capital.
Figures from the financial services sector
employees in Bavaria
per cent of German VC companies are based in Munich
per cent growth in the banking and insurance sector in Bavaria since the early 1990s
banks in Bavaria
Talent and research
All facets of the economy have a home at Bavaria’s universities. There are business and economics professorships with renowned scientists, law faculties with a focus on business law, business information technology and business engineering. All professorships offer research and theory relevant to practice that can be used immediately by companies in the industry. And last but not least, this also benefits companies in all other industries that find a healthy infrastructure for solid financing in Bavaria.
The InsurTech Hub Munich was founded in 2017 by the Bavarian insurance industry and other partners as a business platform to develop a comprehensive ecosystem for insurance. The hub is managed by Bavarian insurance companies in close cooperation with Werk1.Bayern GmbH.
Another regional network is the Munich Financial Center Initiative (FPMI), a consortium of 50 companies, associations and scientific and state institutions from the finance industry, which represents the industry’s interests.