Germany General Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Germany General Insurance Market Report Overview
The gross written premium of the Germany general insurance market was EUR152.6 billion ($182.4 billion) in 2022 and is expected to achieve a CAGR of more than 5% during 2023-2027. The Germany general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the German general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Germany General Insurance Market Outlook, 2022-2027 (EUR Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Germany’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | EUR152.6 billion ($182.4 billion) |
CAGR (2023-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · General Insurance PA&H · Miscellaneous |
Key Distribution Channels | · Direct Marketing
· Insurance Brokers · Bancassurance · Agencies |
Leading Companies | · Allianz Versicherungs
· Debeka Krankenversicherungsverein · Great Lakes Insurance · HDI Global · DKV Deutsche Krankenversicherung |
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Germany General Insurance Market Trends
ESG, personalization, and pet insurance are some of the key market trends impacting the Germany GI market.
ESG: Sustainability is a key issue in the insurance industry for its profitability. Due to large conglomerates dominating the German insurance industry, ESG is expected to remain a trending topic over the coming years. Allianz, Axa, Generali, and Zurich are among the leading insurers investing in green bonds for sustainability.
Personaliztion: Personalized insurance propositions gained significance in Germany, with insurers adopting them in many insurance lines. Telematics enabled the shift to usage-based insurance (UBI) from traditional motor insurance underwriting.
Germany General Insurance Market Segmentation by Line of Business
The key lines of business in the Germany general insurance market are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. General insurance PA&H had the highest market share in the German general insurance market in 2022.
Motor insurance premiums are expected to rise in step with inflation. However, it is more likely that they will increase even further, given the high costs of administration and upkeep. While the number of new vehicle registrations are stagnant, competition is anticipated to rise as manufacturers and insurers get more active in the market.
Germany General Insurance Market Analysis by Lines of Business, 2022 (%)
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Germany General Insurance Market Segmentation by Distribution Channel
The key distribution channels in the German general insurance market are direct marketing, insurance brokers, bancassurance, agencies, and other distribution channels. Agencies continued to hold the largest share in DWP during 2018–22. The bulk of sales are conducted through single-tied agents through traditional distribution channels. In comparison to other European countries, the financial sector’s interconnectedness and bank-insurance linkages are limited in Germany.
Germany General Insurance Market Analysis by Distribution Channel, 2022 (%)
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Germany General Insurance Market - Competitive Landscape
Some of the leading general insurance companies in Germany are Allianz Versicherungs, Debeka Krankenversicherungsverein, Great Lakes Insurance, HDI Global, and DKV Deutsche Krankenversicherung, among others. Allianz Versicherungs was the leading general insurer in 2021.
Germany General Insurance Market Analysis, by Companies, 2021 (%)
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Segments Covered in the Report
Germany General Insurance Market Lines of Business Outlook (Value, EUR Billion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- General Insurance PA&H
- Miscellaneous
Germany General Insurance Distribution Channel Outlook (Value, EUR Billion, 2018-2027)
- Direct Marketing
- Insurance Brokers
- Bancassurance
- Agencies
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Germany.
- Historical values for the German general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Germany and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the German general insurance segment.
- A comprehensive overview of the German economy, government initiatives, and investment opportunities.
- The German insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The German general insurance industry’s market structure gives details of lines of business.
- The German general reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the German general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the German general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the German general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Debeka Krankenversicherungsverein
DKV Deutsche Krankenversicherung
Great Lakes Insurance
Allianz Global Corporate & Specialty
HDI Global
R+V Allgemeine Versicherung
Ergo Versicherung
Table of Contents
Frequently asked questions
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What was the Germany general insurance market gross written premium in 2022?
The gross written premium of the German general insurance market was EUR152.6 billion ($182.4 billion) in 2022.
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What is the Germany general insurance market growth rate?
The general insurance market in Germany is expected to achieve a CAGR of more than 5% during 2023-2027.
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Which line of business holds the largest share of the Germany general insurance market?
General insurance PA&H was the leading general insurance line of business in the German general insurance market in 2022.
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Which distribution channel holds the highest share in the Germany general insurance market?
Agencies was the leading distribution channel in 2022 in the German general insurance market.
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Which are the key companies operating in the Germany general insurance market?
Some of the leading general insurance companies in Germany are Allianz Versicherungs, Debeka Krankenversicherungsverein, Great Lakes Insurance, HDI Global, and DKV Deutsche Krankenversicherung, among others.
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