[London, Jan 2025] Axco Insurance Information Services (Axco) has released the latest publication of its non-life insurance market report for Germany providing a comprehensive analysis of the country’s non-life (P&C) insurance market. The report offers exclusive insights, new statistics, and on-the-ground research into the evolving landscape of the sector.
With the German non-life insurance market clouded by political uncertainty and the poor economic outlook, the report identifies critical trends, emerging opportunities, and challenges shaping the industry's future. Key findings include:
Market Growth & Premium Trends: The total domestic direct non-life insurance premiums experienced a year-on-year increase of 8.02%. Many insurers and reinsurers have a reduced risk appetite because of the Russia-Ukraine conflict and continue to exercise greater caution and selectivity.
Line of Business analysis: Latest analysis of the motor account, showed a combined ratio of 111.3% and with the full comprehensive and part comprehensive classes registering figures of 127% and 114.3% respectively.
Distribution Channels: Whilst the market has a traditional reliance on tied agent as a distribution channel, increasing use is made by consumers of direct insurers and of aggregators and comparison websites. Underwriting agents ("assekuradeure"or "MGAs"), an established part of the traditional marine insurance markets have continued to diversify into other classes.
Market Participants: 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. At the end of 2023, 199 non-life companies were under federal supervision. The market remains fragmented with dozens of companies in every major class of business writing less than 1% market share. The five largest privately owned non-life insurers (which all form part of composite insurance groups) have a combined market share of over 35%, led by Allianz.
Regulatory Landscape: Germany's membership of the European Community (EC) and EU, and the need to implement its directives, has been the main influence on and driver of development in insurance legislation. Germany has amended its insurance legislation to introduce all the various, relevant directives, having done so usually in a timely manner. The insurance market is regarded as being extremely heavily regulated. Compulsory insurance in Germany is regulated by a large number of laws at a national level.
Axco’s German non-life report draws on extensive primary and secondary research, is an essential resource for insurance professionals seeking to stay ahead in the German insurance market. Visit https://www.axcoinfo.com/products/insurance-market-reports-non-life/ for more details and report contents
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Axco is the leading supplier of global insurance market information with over 55 years of experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services, which are delivered to every corner of the globe.
Axco is the leading supplier of global insurance market information with over 55 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.