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Market Insights Financial
- Germany
- The Insurances market in Germany is expected to reach a projected market size (gross written premium) of US$295.70bn by 2024.
- Among the market segments, Non-Life Insurances dominates with a projected market volume of US$164.10bn in 2024.
- The average spending per capita in the Insurances market is estimated to be US$3.55k in 2024.
- When compared globally, the United States leads with the highest nominal value, projected to reach US$4,642.0bn in 2024.
- The gross written premium is anticipated to show an annual growth rate (CAGR 2024-2028) of 3.02%, resulting in a market volume of US$333.10bn by 2028.
- In terms of gross written premium, the United States is expected to generate the highest amount globally, reaching US$4,642.0bn in 2024.
- Germany's insurance market is experiencing a shift towards digitalization, with insurers increasingly adopting online platforms for policy management and claims processing.
Definition:
Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.
Structure:
The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.
Additional information:
The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.
in-scope
- Life insurances
- Non-life insurances
out-of-scope
- Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
- Reinsurance
Insurances
- Life insurance
- Non-life insurances
- Health insurance
- Motor Vehicle Insurance
- Property Insurance
- General Liability Insurance
- Legal Insurance
Related markets:
Capital Raising
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Real Estate
Banking
Wealth Management
Commodities
Corporate Finance
Digital Payments
Private Equity
Stocks
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Market
Region
Region comparison
Currency
Analyst Opinion
The Insurances market in Germany has been experiencing significant growth and evolution in recent years. Customer preferences in the insurance market in Germany have been shifting towards more personalized and digital services. Customers are increasingly looking for tailored insurance products that meet their specific needs and lifestyle. The demand for digital insurance platforms and services has also been on the rise, as customers seek convenience and efficiency in managing their insurance policies. Trends in the market show a strong focus on innovation and technology. Insurers in Germany are investing in data analytics, artificial intelligence, and automation to enhance their underwriting processes, improve customer experience, and reduce operational costs. Additionally, there is a growing trend towards sustainable and ESG (Environmental, Social, and Governance) investments in the insurance sector, reflecting the increasing awareness of climate change and social responsibility among customers. Local special circ*mstances in Germany, such as a well-established regulatory framework and a highly competitive market, have contributed to the development of a robust insurance sector. The presence of numerous insurance companies, both domestic and international, has led to a wide range of insurance products and services being available to customers. Moreover, the high level of insurance penetration in Germany, driven by a strong culture of risk management and protection, has created a stable and lucrative market for insurers. Underlying macroeconomic factors, such as Germany's stable economic growth, low unemployment rate, and aging population, have also influenced the development of the insurance market. The need for retirement planning, healthcare coverage, and long-term care insurance has increased with the aging population, providing opportunities for insurers to offer specialized products. Additionally, the overall resilience of the German economy has instilled confidence in consumers to invest in insurance products for their financial security and future well-being.
Methodology
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.
Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).
Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Overview
- Gross Written Premium
- Gross Claim Payments
- Loss Ratio
- Analyst Opinion
- Sales Channels
- Methodology
- Key Market Indicators
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