Market Size of Germany Car Insurance Industry
| 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 |
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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.
