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Property and Casualty Insurance Market in Germany - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • ID: 5459057
  • Report
  • October 2021
  • Region: Germany
  • 180 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Axa konzern ag
  • Ergo Group AG
  • Generali Deutschland AG
  • Great Lakes Insurance
  • HDI Global SE
  • LVM Versicherung

Key Highlights

  • The property and casualty insurance market in Germany is estimated to grow at a CAGR of approximately 3%, during the forecast period.
  • In 2018, premium income in primary insurance exceeded EUR 200 billion for the first time ever, in 2018. Property and casualty insurance GWP (gross written premium) increased by 3.4% compared to the previous year. In 2018, GWP (gross written premium) were 70.66 EUR billion and in 2017 it was 68.32 EUR billion. Property and casualty claims paid increased by a significant 4.7% to roughly EUR 52.5 billion. This increase was primarily driven by higher payouts to settle claims related to losses resulting from storms and other natural hazards. In the comprehensive insurance on buildings, payouts rose by 14.6% to nearly EUR 6 billion, in 2018. In 2018, the gross written premium of Motor insurance was increased by 3.6% to 27.92 billion EUR compared to the previous year 26.95 billion EUR in 2017.

Key Market Trends


Number of Contracts Increasing on Property and Casualty Insurance.


Auto, Property, Liability, accident insurance are the leading segments for the P&C insurers in Germany. Ever since the 2008 financial crisis took place, P&C insurance space found an increasing number of contracts being written as life insurance was considered less attractive. Yet, it is observed that the growth potential, with current business models in place, seems to be limited for the industry. The market is seemingly saturated and market Competition among the insurance carriers is becoming cut-throat. 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


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. The surge of business entrants 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. The probable simple roll-out to another country would most often end up as a redo from-scratch effort. Nevertheless, 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.



Competitive Landscape


The report covers the major players operating in the property and casualty insurance market in Germany. The market is fragmented, the market is expected to grow during the forecast period, due to increase in insurtech start-ups and insurance contracts and other few contracts.



Additional Benefits:


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


This product will be delivered within 2 business days.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Axa konzern ag
  • Ergo Group AG
  • Generali Deutschland AG
  • Great Lakes Insurance
  • HDI Global SE
  • LVM Versicherung

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
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 Porters 5 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 MARKET SEGMENTATION AND ANALYSIS
5.1 By P&C Insurance Type
5.1.1 Motor Insurance
5.1.1.1 Third Party Liability Motor Insurance
5.1.1.2 Own Damage Motor Insurance
5.1.2 Property Insurance
5.1.2.1 Private Property Insurance (Buildings and contents)
5.1.2.2 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 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers & Acquisitions
6.3 Company Profiles
6.3.1 Allianz Group (Allianz and Allianz Global SE)
6.3.2 HDI Global SE
6.3.3 R+V Allgemeine Versicherung AG
6.3.4 Axa konzern ag
6.3.5 Great Lakes Insurance
6.3.6 Ergo Group AG
6.3.7 Generali Deutschland AG
6.3.8 LVM Versicherung
6.3.9 HUK-Coburg Insurance Group
6.3.10 VHV Allgemeine Versicherung AG
6.3.11 Württembergische Versicherung AG
6.3.12 Gothaer Allgemeine Versicherung AG*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • 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
Note: Product cover images may vary from those shown

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