Germany

Germany Insurance Market Highlights

Market Regulation:

Supervision is conducted by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) under the VAG framework. Axco’s regulatory monitoring identifies 2026 priorities around digital transformation and SFDR compliance.

Non-Life Market Trends:

Germany remains Europe's largest domestic market; Axco’s data shows resilience in motor and industrial fire lines, with a 2026 shift toward parametric climate insurance for the SME sector.

Distribution Channels:

Distribution is primarily driven by tied agents (Ausschließlichkeitsvermittler); however, Axco’s distribution intelligence confirms that independent brokers are scaling rapidly in urban centres.

Key Risks & Outlook:

Profitability remains under pressure; Axco’s outlook notes that rising claims costs in property—due to severe weather in the Rhine region—remain a significant risk factor.

Insurance Companies:

Germany is home to some of the world's most advanced insurers, working globally, as well as some small, local companies working only in their own region or locality. Axco Navigator details 199 insurance companies are authorised to write non-life business in Germany.

Insurance Statistics:

Axco reports written premiums in 2024 increased by 8.8% to EUR 85,408 Mn with motor the largest class of business, accounting for 40% of premiums. Insurance penetration stands at 1.97%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Germany Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Germany includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Germany?

According to the Federal Financial Supervisory Authority (Bundesanstalt fuer Finanzdienstleistungsaufsicht - BaFin), at the end of 2024, 153 non-life companies were under federal supervision. Nearly 600 further, minor non-life entities (small mutual insurers) were under regional supervision at the same time.

The market remains fragmented with dozens of companies in every major class of business writing less than 1% market share. The five largest non-life insurers have a combined market share of over 35%, led by Allianz. Twenty-eight reinsurers were also under BaFin supervision at the end of 2024.

In the Non-Life (P&C) market, Allianz Versicherungs-Aktiengesellschaft was the market leader, recording EUR 11,919.10 million in written premiums and 10.60% market share in 2024. It was followed by ZIE AG (EUR 7,387.50 million; 6.57% market share) and R+V Allgemeine Versicherung Aktiengesellschaft (EUR 5,497.10 million; 4.89% market share).

Among the leading non-life insurers, VERSICHERUNGSK.BAYERN reported the strongest growth, with premiums increasing 116.5% year-on-year. 153 companies are licensed for non-life business. 

Who are the top non-life insurers in Germany?

Source: Axco Navigator, Germany Insurance Market Rankings.

What is the Life Insurance market in Germany?

As of 31 December 2024 the market was comprised of: 78 life insurance companies, 27 funeral expenses insurers, 46 health insurers, 30 reinsurers (of which one has no business activity), 130 pensionskassen (of which eight have no business activity) and 35 pensionsfonds.

In the Life insurance market, Allianz Lebensversicherungs-Aktiengesellschaft was the largest insurer in 2024, generating EUR 23,847.91 million in written premiums and holding 26.59% market share. It was followed by R + V Lebensversicherung aG (EUR 6,388.45 million; 7.12% market share) and Generali Deutschland Lebensversicherung AG (EUR 6,345.45 million; 7.08% market share).

The fastest-growing major life insurer was SIGNAL IDUNA Lebensversicherung AG, with premium growth of 809.8% year-on-year. 78 companies are licensed for life business.

Who are the top life insurers in Germany?

Source: Axco Navigator, Germany Insurance Market Rankings.

Country Information

Germany has Europe's largest domestic non-life market and fourth largest life market. It is a major reinsurance market and home of the world's largest reinsurance company, Munich Re, and the world's oldest reinsurance company, General Re (formerly Cologne Re). In 2019 some 30 reinsurers operated from Germany in domestic and worldwide markets.  According to the supervisory authority, at the end of 2018, 199 non-life companies were under federal supervision plus six under regional supervision, compared to 322 in 1990. The market remains fragmented.

There are 96 life insurance companies, 34 funeral expenses insurers, 46 health insurers, 31 reinsurers (of which two have no business activity), 139 pensionskassen (of which three have no business activity) and 33 pensionsfonds.

Germany's strong tied agent market is slowly but steadily reducing. Online insurance continues to grow in importance, particularly in motor insurance. In commercial and industrial business brokers have long enjoyed a significant share of the market. As regards bancassurance, certain large insurance companies produce a significant proportion of business through bank relationships.