Market Size of Germany Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 37.66 Billion |
| Market Size (2029) | USD 44.62 Billion |
| CAGR (2024 - 2029) | 3.45 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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German Motor Insurance Market Analysis
The Germany Motor Insurance Market size in terms of gross written premiums value is expected to grow from USD 37.66 billion in 2024 to USD 44.62 billion by 2029, at a CAGR of 3.45% during the forecast period (2024-2029).
The impact of the ongoing COVID-19 pandemic is expected to result in a non-life re/insurance market loss of between EUR 1.25 billion to EUR 1.75 billion (USD 1.47 billion - USD 2.1 billion) in Germany, influenced mostly by nationwide business closures.
Some form of car insurance must cover all drivers in Germany, and people cannot register a vehicle without it. If a person is a long-term resident of Germany, they need German car insurance. Foreign car insurance is not enough even if they have brought a car from abroad to Germany.
Digitalization is a central concern of the German insurance industry. Many insurance companies are modernizing their IT infrastructures, moving to cloud solutions or investing in new technologies such as artificial intelligence (AI) or blockchain to provide enhanced products and services to their customers. In 2021, German insurers spent USD 416.77 million in total on IT. One of the key investment priorities in insurance companies includes the optimization of business processes, the operating organization, and the insurance IT. This weighting has increased further by the momentum of Digitization and its dynamic effects on competitiveness.
