Germany Car Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 19.72 Billion |
| Market Size (2029) | USD 24.08 Billion |
| CAGR (2024 - 2029) | 4.08 % |
| 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 Car Insurance Market Analysis
The Germany Car Insurance Market size in terms of gross written premiums value is expected to grow from USD 19.72 billion in 2024 to USD 24.08 billion by 2029, at a CAGR of 4.08% during the forecast period (2024-2029).
Germany has a strong car industry all the people who live in Germany drive cars regularly. Car insurance is important for all drivers in Germany because it serves as a safeguard for drivers. According to the law in the country, all cars must have at least third-party insurance to cover damages. At the end of every year, there are millions of people in Germany who buy car insurance because there is an increase in awareness among consumers regarding the benefits of car insurance. The German government issued a policy that car insurance should be mandatory to register the car if a person is a long-term resident of Germany,
Post COVID-19, there was an increase in the purchase of car insurance in Germany because of rising prices in car repair in shops and also the impact of driving behavior after the pandemic.
German car insurers boost market growth through product innovation, introducing new insurance offerings and services like roadside assistance. German car insurers introduced mobile-based telematics for car insurance programs focused on services and have no impact in insurance premiums.
Germany Car Insurance Market Trends
Increasing Focus Towards Digitalization In Car Insurance
The digitalization of car insurance companies in Germany made customers easier to access insurance products and services through digital platforms. The use of data and analytics in digitalization is one of the factors that enhance the growth of the car insurance market. German car insurance companies are primarily focussing on customer-facing applications. Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT), distributed ledger technology, virtual reality (VR), infrastructure, and productivity are some of the technologies that helped car insurance companies achieve digitalization.
Growing Traffic Accidents
The increase in the car insurance market in Germany is due to increased traffic accidents. Road safety continues to be a significant concern in Germany. Since Germany has large road networks, road safety has become more critical for the country. So, as per the Motor Vehicle Act, one should purchase third-party insurance whether the consumer has a new or used car. In previous years, there has been an increase in road accidents, which led people to buy car insurance due to the high repair cost.
Germany Car Insurance Industry Overview
The German car insurance market is a consolidated industry. The increase in car damage and traffic accidents primarily drives the industry. Major leaders of German car insurance industry are - Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Allianz Beratungs- und Vertriebs-AG, Debeka Lebensversicherungsverein auf Gegenseitigkeit Sitz Koblenz am Rhein, R+V VERSICHERUNG AG and SIGNAL IDUNA Lebensversicherung a. G.
Germany Car Insurance Market Leaders
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Allianz Beratungs- und Vertriebs-AG
Debeka Lebensversicherungsverein auf Gegenseitigkeit Sitz Koblenz am Rhein
R+V VERSICHERUNG AG
SIGNAL IDUNA Lebensversicherung a. G
*Disclaimer: Major Players sorted in no particular order
Germany Car Insurance Market News
- July 2023: Wrisk, an intermediary insurance provider, entered into a partnership with Mobilize Financial Services, which provides customers with a fully flexible car insurance experience, offering a genuine monthly rolling subscription policy that is aligned to the car subscription contract term.
- January 2023: Signal Iduna, Germany's leading car insurance company, entered into a partnership with Google Cloud to speed up the development of cloud-based, customer-oriented insurance products and services.
Germany Car 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 DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Sales of Cars in Germany Drives The Market
4.2.2 Increase in Road Traffic Accidents Drives The Market
4.3 Market Restraints
4.3.1 Increase in Cost of Claims Made
4.3.2 Increase in False Claims and Scams
4.4 Market Opportunities
4.4.1 Online Car Insurance Products Expanding the Car Insurance Sales
4.4.2 Demand for Customized Insurance Products by the Buyers
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on technology innovation in the Market.
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Coverage
5.1.1 Third-Party Liability Coverage
5.1.2 Collision/Comprehensive/Other Optional Coverage
5.2 By Application
5.2.1 Personal Vehicles
5.2.2 Commercial Vehicles
5.3 By Distribution Channel
5.3.1 Direct Sales
5.3.2 Individual Agents
5.3.3 Brokers
5.3.4 Banks
5.3.5 Online
5.3.6 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
6.2.2 Allianz Beratungs- und Vertriebs-AG
6.2.3 Debeka Lebensversicherungsverein auf Gegenseitigkeit Sitz Koblenz am Rhein
6.2.4 R+V VERSICHERUNG AG
6.2.5 SIGNAL IDUNA Lebensversicherung a. G
6.2.6 Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts
6.2.7 VHV Vereinigte Hannoversche Versicherung a.G.
6.2.8 Axa konzern AG
6.2.9 CHECK24 GmbH
6.2.10 GOTHAER Versicherungsbank VVaG*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Germany Car Insurance Industry Segmentation
Car insurance is a type of insurance that provides cover for loss or damage to the car. It helps to mitigate monetary harms due to accidents causing damage to the cars. Germany's car insurance market is segmented by coverage, application, and distribution channel. By coverage, the market is segmented into third-party liability coverage and collision/comprehensive/other optional coverage. By application, the market is segmented into personal vehicles and commercial vehicles. By distribution channel, the market is segmented into individual agents, brokers, banks, online, and other distribution channels. Other distribution channels include financial institutions other than banks, phone marketing, and mail marketing. The report also covers the market sizes and forecasts for the German car insurance market in value (USD) for all the above segments.
| By Coverage | |
| Third-Party Liability Coverage | |
| Collision/Comprehensive/Other Optional Coverage |
| By Application | |
| Personal Vehicles | |
| Commercial Vehicles |
| By Distribution Channel | |
| Direct Sales | |
| Individual Agents | |
| Brokers | |
| Banks | |
| Online | |
| Other Distribution Channels |
Germany Car Insurance Market Research FAQs
How big is the Germany Car Insurance Market?
The Germany Car Insurance Market size is expected to reach USD 19.72 billion in 2024 and grow at a CAGR of 4.08% to reach USD 24.08 billion by 2029.
What is the current Germany Car Insurance Market size?
In 2024, the Germany Car Insurance Market size is expected to reach USD 19.72 billion.
Who are the key players in Germany Car Insurance Market?
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Allianz Beratungs- und Vertriebs-AG, Debeka Lebensversicherungsverein auf Gegenseitigkeit Sitz Koblenz am Rhein, R+V VERSICHERUNG AG and SIGNAL IDUNA Lebensversicherung a. G are the major companies operating in the Germany Car Insurance Market.
What years does this Germany Car Insurance Market cover, and what was the market size in 2023?
In 2023, the Germany Car Insurance Market size was estimated at USD 18.92 billion. The report covers the Germany Car Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Germany Car Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Germany Car Insurance Industry Report
Statistics for the 2024 Germany Car Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Germany Car Insurance analysis includes a market forecast outlook to for 2024 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
