Germany Property & Casualty Insurance Market Size
| Study Period | 2019-2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2021 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Germany Property & Casualty Insurance Market Analysis
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 & Casualty Insurance Market Trends
This section covers the major market trends shaping the Germany Property & Casualty Insurance Market according to our research experts:
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 & 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.
Germany Property & Casualty Insurance Market Leaders
Allianz
ERGO
Generali
R+V Versicherung AG
HDI Global SE
*Disclaimer: Major Players sorted in no particular order
Germany Property & Casualty Insurance Market News
- In December 2022, ERGO launched a new brand claim and accompanying product campaign with a focus on 'Making Insurance Easier' in all its marketing and customer communications.
- In July 2022, Hanover Insurance introduced Hanover i-on Sensor Program for reducing business loans. Hanover Insurance Group is a leading property and casualty insurance company. Hanover's i-on-sense program offers a robust set of technology-based services to help business and organization owners prevent workplace injuries, property damage, theft, and other losses offered through strategic partnerships.
Germany Property & Casualty Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. 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 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. 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 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*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Germany Property & Casualty Insurance Industry Segmentation
The report aims to provide a detailed analysis of the property and casualty insurance market in Germany. It focuses on market dynamics, emerging trends in segments and regional markets, and insights into various product and application types. Additionally, it analyses the key players and the competitive landscape in the property and casualty insurance market in Germany. The property and casualty insurance market in Germany is segmented by insurance type (motor insurance, property insurance, general liability insurance, private accident insurance, legal expenses insurance, and other insurance types), motor insurance (third party liability insurance, own damage motor insurance), property insurance (private property insurance and non-private property insurance), and distribution channel (agents, brokers, and multiple agents, credit institutions, direct sales, and online distribution channels). The report offers market size and forecasts for the property and casualty insurance market in Germany in value USD billion for all the above segments.
| By P&C Insurance Type | ||||
| ||||
| ||||
| General Liability Insurance | ||||
| Private Accident Insurance | ||||
| Legal Expenses Insurance | ||||
| Rest of P&C Insurance (Credit, Surety, and Fidelity/Marine and Aviation/Roadside Assistance/Motor Accident) |
| By Distribution Channels | |
| Agents | |
| Brokers and Multiple Agents | |
| Credit Institutions | |
| Direct Sales | |
| Online Channels |
Germany Property & Casualty Insurance Market Research FAQs
What is the current Germany Property & Casualty Insurance Market size?
The Germany Property & Casualty Insurance Market is projected to register a CAGR of 3% during the forecast period (2023-2028).
Who are the key players in Germany Property & Casualty Insurance Market?
Allianz, ERGO, Generali, R+V Versicherung AG and HDI Global SE are the major companies operating in the Germany Property & Casualty Insurance Market.
Germany Property & Casualty Insurance Industry Report
Statistics for the 2023 Germany Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Germany Property & Casualty Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
