German insurers expect to see a lower increase in premium income this year, the German Insurance Association (GDV) said this week, as the life insurance business struggles with a delayed turnaround in interest rates.

The association now expects 2024 premium income to rise by 2.8 per cent year-on-year, down from its previous forecast in January of a 3.8 per cent jump.

However, the GDV expects premium income across the German insurance industry to increase between 3.1 per cent and 5.5 per cent in 2025, the association said in its half-yearly outlook report.