Finance Industry | City of Munich

Important banking and insurance center

Munich is Europe’s most important location for the insurance industry and the world’s leading location for the reinsurance sector. The international DAX-listed companies Allianz and Munich RE are based here, as well as the Bavarian Insurance Chamber, D.A.S., Generali Deutschland, Swiss Re and over 70 additional regional and specialist insurance companies.

Munich also has an excellent startup scene in the InsurTech sector.

Munich’s banking sector is similarly strong. Two major banks, HypoVereinsbank/UniCredit and Bayern LB, have their main offices here, while major funding institutions in Munich include LfA-Förderbank Bayern and Bayerische Landesbodenkreditanstalt.

InsurTech Hub Munich (ITHM) and innovation programs

The InsurTech Hub Munich e.V. (ITHM), launched in 2017, is part of the German federal government’s long-term Digital Hub Initiative. The ITHM supports digitalization within the sector and collaborates with startups, leading technology companies, and cross-sector partners to develop innovative solutions and business models for the insurance industry.

The ITHM has its main office in Werk1 in Munich’s Werksviertel. It is also supported by the Free State of Bavaria and the City of Munich.

The ITHM has already built up a broad partner network of 20 national and international insurance organizations, including Allianz, Generali, Munich RE, the Bavarian Chamber for Social Benefits and Pensions (BVK), VKB, LV1871, Provinzial.

Photo: InsurTech Hub Munich e.V.

Additional partners include tech companies such as Google, Microsoft, NTT Data, SAP Fioneer and universities, among them LMU and the University of St. Gallen. Since it was set up, the ITHM has already coordinated a total of over 150 collaborative projects within its partner network.

VC and private equity – nowhere beats Bavaria

Some 50 venture capital and private equity firms with head offices in Munich also rate the region highly for investments in innovative technologies. Additional German and international venture capital organizations likewise have branches here.

Leading leasing location

Munich is Germany’s leading leasing location. Roughly 20 percent of German leasing companies have their headquarters here; prominent examples include KGAL, LHI Leasing and Hannover Leasing.

Munich Financial Center Initiative – fpmi

The Munich Financial Center Initiative (fpmi) has set itself the task of conveying the importance of the region to both national and international audiences. It consists of around 50 companies, credit institutions, insurance providers and associations as well as scientific and government institutions. The Bavarian Ministry of Economic Affairs provided the initial impetus for the initiative in 2000.

Contact

Department of Labor and Economic Development - munich business

Eva Schweigard