+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Germany Property and Casualty Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

  • PDF Icon


  • 150 Pages
  • April 2023
  • Region: Germany
  • Mordor Intelligence
  • ID: 5459057
The property and Casualty Insurance Market in Germany has generated a revenue of USD 83 Billion in the current year and is poised to achieve a CAGR of 3% for the forecast period.

Germany has observed a slow and steady increase in its population with an existing population of around 83.24 million. This creates an opportunity for the P&C market to continue expanding especially in the motor and residential property insurance space. The property and casualty industry has seen a continuous increase in gross written premiums (GWP) with residential building insurance driving the segment growth in 2021 as compared to 2020.

Older generations (50 years above age group) tend to have more insurance coverage than younder and middle age groups. 35% of old generations have home insruance compared to 10% of those less than 30 years of age. 71% of old generations have car insruance compared to 43% of those less than 30 years of age.

Germany is second globally as a leading nation for total premiums written on the insurance market with a large number of insurgents operating online. In EU, Germany has the third highest number of trademarked applications operating in insurance and financial services sector post the United Kingdom and France. This combined with a continuous increase in the total value of property and casualty insurance gross premium written opens the scope for firms to increase their online property and casualty insurance services. In 2021, single-tied or insurance group intermediaries account for 47% of the share of new business for property and casualty insurance corporations with brokers and multiple agents share of 30%, direct selling at 13%, and remainder sourced through credit insitutions and other channels.

Germany Property and Casualty Insurance Market Trends

Increasing Contracts are Affecting the Property and Casualty Insurance Market in Germany

Auto, property, liability, and accident insurance are the leading segments for P&C insurers in Germany. Ever since the great financial crisis, Germans have been so conservative with their household savings and investments allocating a greater chunk of their savings towards cash reserves and insurance. The P&C insurance space has seen an increasing number of contracts written since then, yet life insurance was considered less attractive. However, with current business models in place, the industry's potential for growth seems limited. The market is seemingly saturated, and market competition among insurance carriers is becoming increasingly fierce. Industry veterans say the P&C insurance space is in the transformation phase as digitalization is influencing customer behavior and sales volumes.

Growing Fintech Start-ups Affecting the Property and Casualty Insurance Market in Germany

Germany is one of the leading European countries in the field of Fintech. Start-ups are often the driving force behind innovation, bringing new and disruptive products and services. A surge of InsurTechs based in other countries is yet to be witnessed in Germany. Insurance markets are very complex. Language, market structure, legislation, the competitive environment, and consumer tastes tend to vary considerably from country to country. In most cases, a simple rollout to another country would mean starting over from scratch. However, the increasing presence of foreign InsurTechs at events in the German industry and growing insurtech companies are expected to drive the insurance market in the coming years.

Germany Property and Casualty Insurance Industry Overview

The report covers the major players operating in the property and casualty insurance market in Germany. The market is fragmented. However, it is expected to grow during the forecast period, due to an increase in insurtech start-ups and insurance contracts, and other contracts. Among the companies operating in Germany for P&C insurance are AXA XL Germany Insurance, Allianz Insurance, Arag SE, Deutsche Afrika/ John T. Essberger Group of Companies, Ergo Insurance, Generali Deutschland, Gothaer Insurance, Hamburger Freukesse Insurance, Hannover Re and they are competing for an increase in their market share in Germany by launching new insurance products and attracting customers.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.1.1 Germany Insurance Industry - A Brief Outlook on Industry (Number of Insurers, as % of GDP, Employment, Etc.)
4.1.2 Importance of Property & Casualty Insurance Market in Germany
4.2 Insights on Performance of P&C Insurance Industry in Germany
4.3 Insights on Regulatory Landscape And Industry Policies
4.4 Technologial Advancements And Adoption Levels in P&C Insurance Space in Germany
4.5 Market Drivers
4.6 Market Restraints
4.7 Porter's Five Force Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers/Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5.1 By P&C Insurance Type
5.1.1 Motor Insurance Third Party Liability Motor Insurance Own Damage Motor Insurance
5.1.2 Property Insurance Private Property Insurance (Buildings and contents) Non-Private Property Insurance (Industrial/Agricultural/Commercial, Etc.)
5.1.3 General Liability Insurance
5.1.4 Private Accident Insurance
5.1.5 Legal Expenses Insurance
5.1.6 Rest of P&C Insurance (Credit, Surety, and Fidelity/Marine and Aviation/Roadside Assistance/Motor Accident)
5.2 By Distribution Channels
5.2.1 Agents
5.2.2 Brokers and Multiple Agents
5.2.3 Credit Institutions
5.2.4 Direct Sales
5.2.5 Online Channels
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Allianz Group (Allianz and Allianz Global SE)
6.2.2 HDI Global SE
6.2.3 R+V Allgemeine Versicherung AG
6.2.4 Axa konzern ag
6.2.5 Great Lakes Insurance
6.2.6 Ergo Group AG
6.2.7 Generali Deutschland AG
6.2.8 LVM Versicherung
6.2.9 HUK-Coburg Insurance Group
6.2.10 VHV Allgemeine Versicherung AG
6.2.11 Württembergische Versicherung AG
6.2.12 Gothaer Allgemeine Versicherung AG*

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Allianz Group (Allianz and Allianz Global SE)
  • HDI Global SE
  • R+V Allgemeine Versicherung AG
  • Axa konzern ag
  • Great Lakes Insurance
  • Ergo Group AG
  • Generali Deutschland AG
  • LVM Versicherung
  • HUK-Coburg Insurance Group
  • VHV Allgemeine Versicherung AG
  • Württembergische Versicherung AG
  • Gothaer Allgemeine Versicherung AG*