Central

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
280 jobs
Number of planned job losses
Job loss
Announcement Date
25 November 2011
Employment effect (start)
25 November 2011
Foreseen end date

Description

As announced in November 25, 2011 in Handelsblatt, German health insurer Central, a subsidiary of Generali Deutschland, plans to cut 600 employees working as sales representatives.

Update: In December 2012, Financial Times Deutschland reported that 320 representatives will be taken over by the related financial services company DVAG. 280 jobs will be lost.

The job cuts are reported to be necessary due to a difficult market in low-cost insurance and the resulting higher expenditures.

Sources

  • 29 December 2011: Financial Times Deutschland Online
  • 25 November 2011: Handelsblatt

Citation

Eurofound (2011), Central, Internal restructuring in Germany, factsheet number 72779, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72779.