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British insurance industry learns more about investment opportunities in NRW

In London today, NRW.INVEST, the economic development agency of the state of North Rhine-Westphalia (NRW), and the Chamber of Industry and Commerce (IHK) in Cologne hosted an investor roundtable entitled "Investment landscape: Germany and the UK". Around 40 British insurance companies and asset management companies took up the invitation to learn more about Cologne as an insurance location and investment opportunities in Germany's most economically important federal state. The event took place in cooperation with the British Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank for dialogue on global financial and economic policy.

The focus of the seminar for the insurance and financial services sector was on opportunities to enter the German market, the trending topic InsurTech and how to deal with current political developments in the United Kingdom. London is one of the most important hubs in the global insurance market. For the British sector, North Rhine-Westphalia and in particular the city of Cologne can offer numerous points of contact. "With an abundance of primary insurers, reinsurers, insurance sales companies and brokers, Cologne boasts a cumulative wealth of know-how. In addition, we have a unique university landscape in this segment: Nowhere else is there a greater choice of highly qualified graduates than here," says Dr. Werner Görg, President of the Chamber of Industry and Commerce in Cologne, emphasizing the benefits for companies interested in settling in Cologne.

"NRW is a diverse business location that has been offering British investors optimum opportunities for success in both the industrial sector and the service sector for decades," says Petra Wassner, CEO of NRW.INVEST. "Our federal state is Germany's No. 1 investment location for UK companies. Around 1,500 British companies have already settled here – that is 22.1 percent of all British companies in Germany."

 

Background: Insurance industry in NRW

The insurance sector is one of the key industries in NRW. In terms of the number of companies based here and the number of employees, NRW is the largest insurance location in Germany. In Cologne alone, more than 28,000 people work in this sector. More than 150 national and international insurance companies, including industry giants such as Axa, DEVK, Gothaer and Zurich, have their headquarters or a branch on the Rhine. In addition, the active Insurtech scene offers cooperation potential for the development of new digital business models in the industry. InsurLab Germany in Cologne, an initiative of the Federal Ministry for Economic Affairs, advances innovation and digitalization in the insurance industry and promotes cooperation between start-ups and established companies. Besides the Rhine metropolis, Düsseldorf and Dortmund have also established themselves as leading insurance locations in NRW. Düsseldorf is home to 26 insurance institutes, including Ergo and Provinzial, as well as international insurers such as Mitsui Sumitomo and Interlloyd. In Dortmund, groups such as Continentale and Signal Iduna value the city's service-oriented environment and the great potential of qualified specialists in Dortmund as a research and innovation location.