German Car Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The German Car Insurance Market Report is Segmented by Type (Third-Party Coverage, Partial Coverage, and Comprehensive) and Distribution Channel (Brokers, Agency, Direct, Banks, and Other Distribution Channels). The Report Offers the Market Sizing and Forecasts for the German Car Insurance Market in Value (USD) for all the Above Segments.

German Car Insurance Market Size

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Motor Insurance Market Share Germany
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 56.41 Billion
Market Size (2029) USD 72.40 Billion
CAGR (2024 - 2029) 5.12 %
Market Concentration Medium

Major Players

Germany Motor Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Germany Motor Insurance Market Analysis

The Germany Motor Insurance Market size in terms of gross written premiums value is expected to grow from USD 56.41 billion in 2024 to USD 72.40 billion by 2029, at a CAGR of 5.12% during the forecast period (2024-2029).

Germany boasts one of Europe's largest and most competitive car insurance markets, buoyed by its high car ownership rates and a robust automotive industry. Car insurance is mandatory for all vehicles in Germany, offering two primary coverage options: third-party liability insurance (Haftpflichtversicherung) and comprehensive insurance (Vollkaskoversicherung). The former, a legal requirement, shields against damages to third parties, covering personal injury, property damage, and financial losses. In contrast, comprehensive insurance broadens the protection, encompassing theft, vandalism, and accidents for the policyholder's vehicle.

Due to intense competition, the German car insurance landscape is prompting insurers to offer diverse products and services. These companies often differentiate themselves through coverage options, customer service, and pricing strategies.

In Germany's car insurance realm, adoption of telematics is rising. Telematics-based insurance leverages vehicle-installed devices to evaluate driving behavior and tailor insurance premiums accordingly. This technology, embraced by insurers and customers, facilitates personalized pricing and fosters safer driving practices.

Germany Motor Insurance Market Trends

Increase in Number of Contracts in Car Insurance

Several factors drive the rise in car insurance contracts in Germany, shaped by both consumer behavior and market dynamics. For instance, a growing population or an uptick in vehicles, often spurred by economic prosperity, directly correlates with heightened demand for car insurance.

Germany's vehicle registrations have consistently risen, propelled by population growth, urbanization, and economic progress. This surge in vehicles has naturally spurred a heightened demand for car insurance. Also, shifts in consumer behavior have played a pivotal role in driving the growth of car insurance contracts. A growing number of consumers now acknowledge the significance of car insurance, gravitating toward comprehensive coverage to safeguard their vehicles and themselves from unexpected incidents.

The rise in car insurance contracts in Germany underscores the mounting significance of this sector for consumers. It also highlights the industry's adeptness in responding to evolving market dynamics and consumer inclinations.

Germany Motor Insurance Market: Number of Insurance Policies in Germany, in Million, 2019 - 2023

An Increase in Electric Cars Sales is Driving the Demand for Car Insurance

The increasing sales of electric cars drive the demand for motor insurance. As more electric vehicles (EVs) are being sold, the need for insurance coverage specific to these vehicles is growing. Insurers adapt to this trend by offering specialized insurance products for EVs, which may include coverage for unique aspects of electric cars, such as battery protection, charging equipment, and other related components.

Electric vehicle technology, such as advanced driver-assistance systems (ADAS) and autonomous driving features, may require specialized insurance coverage. Insurers are developing products that account for these technological advancements to provide comprehensive coverage for EV owners.

The adoption of electric vehicles is driving a surge in motor insurance demand. With consumers increasingly opting for electric cars, insurance must be tailored to these vehicles. Insurers are swiftly adjusting their policies to cater to the distinct needs of electric vehicles, mirroring the dynamic shifts in the automotive sector. This increase in electric vehicle sales underscores the imperative for insurance providers to stay in sync with the evolving tech and preferences shaping the transportation industry.

Germany Motor Insurance Market: Electric Vehicles Unit Sales, in Units, 2019 - 2023

Germany Motor Insurance Industry Overview

The German motor insurance market is semi-consolidated, with many players. German motor insurance companies adopt various strategies, including product innovation, digital technology investments to enhance operational efficiency and customer service, and forging partnerships with car manufacturers, dealerships, and technology firms to broaden their service offerings. The key players include Allianz, AXA, HDI, R+V Insurance, and Signal Iduna Insurance.

German Motor Insurance Market Leaders

  1. Allianz

  2. AXA

  3. HDI

  4. R+V Insurance

  5. Signal Iduna Insurance

*Disclaimer: Major Players sorted in no particular order

Germany Motor Insurance Market Concentration
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Germany Motor Insurance Market News

  • January 2024, AXA IM introduced the AXA IM MSCI Europe Equity PAB UCITS ETF to its range of ETFs. This new ETF tracks the MSCI Europe Climate Paris Aligned index, providing investors with a cost-effective choice for sustainable, low-carbon investments.
  • Allianz disclosed its intention to acquire Tua Assicurazioni SpA from Assicurazioni Generali SpA for EUR 280 million (USD 297.89 million) in 2023.

German Motor Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rise in Population Growth and Vehicle Ownership

      2. 4.2.2 Mandates Compulsory Third-Party Liability Insurance

    3. 4.3 Market Restraints

      1. 4.3.1 Intense Competition Among Insurance Providers

      2. 4.3.2 Occurrence of Fraudulent Claims can Impact the Profitability

    4. 4.4 Market Opportunities

      1. 4.4.1 Introducing New and Innovative Policies

      2. 4.4.2 Increasing Focus on Environmental Sustainability

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness: Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Insights into Technological Advancements in the Industry

    8. 4.8 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Accident

      2. 5.1.2 Third Party Liability

      3. 5.1.3 Comprehensive

    2. 5.2 By Distribution Channel

      1. 5.2.1 Agents

      2. 5.2.2 Brokers

      3. 5.2.3 Banks

      4. 5.2.4 Online

      5. 5.2.5 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

    3. *List Not Exhaustive
    4. 6.3 Allianz

    5. 6.4 AXA

    6. 6.5 HDI

    7. 6.6 R+V Insurance

    8. 6.7 Signal Iduna Insurance

    9. 6.8 Insurance Chamber of Bavaria

    10. 6.9 VHV Group

    11. 6.10 CHECK24 GmbH

    12. 6.11 Gothaer Group

    13. 6.12 Others *

  7. 7. FUTURE OF THE MARKET

  8. 8. DISCLAIMER AND ABOUT US

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Germany Motor Insurance Industry Segmentation

Car insurance safeguards individuals financially in case of a car accident or related incidents. It commonly includes coverage for vehicle repair or replacement costs and medical expenses resulting from accidents. The German car insurance market is in size forecast and is segmented by insurance type and distribution channel. The market is segmented by insurance type into accident, third-party liability, and comprehensive. In distribution channels, the market is segmented into agents, brokers, online, banks, and other distribution channels. The reports offer the market sizing and forecasts for the German car insurance market in value (USD) for all the above segments.

By Insurance Type
Accident
Third Party Liability
Comprehensive
By Distribution Channel
Agents
Brokers
Banks
Online
Other Distribution Channels
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German Motor Insurance Market Research FAQs

The Germany Motor Insurance Market size is expected to reach USD 56.41 billion in 2024 and grow at a CAGR of 5.12% to reach USD 72.40 billion by 2029.

In 2024, the Germany Motor Insurance Market size is expected to reach USD 56.41 billion.

Allianz, AXA, HDI, R+V Insurance and Signal Iduna Insurance are the major companies operating in the Germany Motor Insurance Market.

In 2023, the Germany Motor Insurance Market size was estimated at USD 53.52 billion. The report covers the Germany Motor Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Germany Motor Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

German Motor Insurance Industry Report

Statistics for the 2024 German Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. German Motor Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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German Car Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)