Germany Life & Non-Life Insurance Market - Growth, Trends, COVID-19 Impact and Forecast (2022 - 2027)

The German Life and Non-Life Insurance Market is segmented By Insurance Type (Life Insurance (Individual and Group ), Non-life Insurance (Motor, Home, and Other Non-Life Insurances )) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).

Market Snapshot

market-snapshot
Study Period: 2022-2027
Base Year: 2021
CAGR: >4 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

Germany is the country having the world’s fifth-highest number of coronavirus cases. This has positively impacted the German life and non-life insurance market because people started to focus on life insurance and non-life insurance. On the other hand, COVID-19 has been difficult for insurers facing potential losses and uncertainty owing to high claims payouts during the pandemic. It has also brought about potential scope for new products to offer to the market.

The German insurance sector is divided into three types of insurance firms: public, mutual, and state-owned insurers. Few large firms are stock-listed, though a large number of insurance firms characterizes the market. As a result, consolidation is ongoing and expected to accelerate in the future. German insurers sell relatively low levels of corporate insurance compared to their British peers, instead focusing on the private insurance business. The market has been stable in the past as insurers showed high levels of capitalization, which, to date, prevented them from defaulting. German insurers retained approximately 86 % of the risk they took on through premiums and passed the remaining share onto reinsurers.

InsurTech sector has seen much technological and investment development over the past few years. Traditional insurance business lines, such as health, auto, and commercial, are being revolutionized by new digital-centric startups. New technologies, such as AI and IoT, have been re-architecting insurance data, the foundation of the insurance industry.

Scope of the Report

The German Life and Non-Life Insurance Market is one of the most grown and wide insurance regions of Europe and is highly demanded Life and Non-Life Insurance Market as the people are more preferring the insured lifestyle and innovative platforms for which the Germany Life and Non-Life insurances are fulfilling customer's personalized needs very efficiently. A complete background analysis of the German Life and Non-Life Insurance Market includes an assessment of the economy, market overview, market size estimation for key segments, emerging market trends, market dynamics, and key company profiles in the report. The German Life and Non-Life Insurance Market is segmented By insurance type (life insurance (individual and group), non-life insurance (motor, home, and other non-life insurances)), and by distribution channel (direct, agency, banks, and other distribution channels).

By Type
Life Insurances
Individual
Group
Non-Life Insurances
Home
Motor
Other Non-Life Insurances
By Distribution Channel
Direct
Agency
Banks
Other Distribution Channels

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increasing Focus Toward Digitalization of Insurance Supply Chains

So far, companies have focused primarily on customer-facing applications. But some insurers are beginning to realize that digital means much more than cool and convenient apps for consumers; it is a force that will touch and reshape the very core of their business. Yet firms will benefit from digital technology only when they embrace its potential along the entire insurance value chain, including underwriting and claims management.

Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT), distributed ledger technology, virtual reality (VR), Infrastructure and productivity, and others are some of the modern technologies that help insurance companies to achieve digitalization.

t1

Workforce Transformation has increased market penetration.

Workforce Transformation of German Life and Non-life Insurance companies is something that creates the agile, modern insurer and upskills the workforce to prepare for change. As technology, emerging risks, customer expectations, and competitive pressures change the industry. Insurers need to rethink their work, workforce, and workplaces. Leading insurers give their workforce the platforms and opportunities they need to respond to today’s challenges. German Life and non-life insurance companies are partnering with the clients to reimagine insurance workforce solutions, making significant, impactful changes in the work and roles within the insurance organization.

The Workforce Transformation approach goes beyond incremental change to rearchitecting the work and roles done in an insurance organization, reskilling their workforce and increasing performance, creating better digital/ physical workplaces. The Workforce Analysis is done by the companies, which tells them what work is needed, who should do it, what skills are required, and where does that work need to happen? Workforce transformation, along with leverage AI helps the german insurance companies to identify key gaps in client talent and expand capabilities in the client’s retained workforce.

Industry dynamics and talent market disruptions have presented an opportunity for insurers to transform their workforce and drive increased organizational value. Practically, this means putting the processes, checks, and balances in place to organize resources in a diverse way and promote employee growth.

Workforce Transformation has led to increased penetration of the Life and Non-Life Insurance Market in Germany. Insurance penetration shows the overall contribution of the insurance industry to the economy of Germany and is calculated as insurance spending as a share of gross domestic product (GDP).

t2

Competitive Landscape

The German Life and Non-Life Insurance Market is highly competitive with the presence of local as well as international players in the market. In 2020, Allianz was the leading insurance company in Germany with a revenue of approx. EUR 140.5 billion. The second was Münchener Rückversicherungs-Gesellschaft AG (Munich Re), with a revenue of almost EUR 54.9 billion. As of 2019, Germany had the highest number of companies operating in the insurance industry of any European country. Various players, including Generali, R+V with the presence of international players as well including Allianz Group, AIA, AXA Life Insurance, and many more, are leading the German Life & Non-Life Insurance Market to new heights, and it is expected that the market will grow at a high rate throughout the forecast period.

Recent Developments

· On March 30, 2022, Allianz Real Estate acquired 12 assets on behalf of its newly established Japan multi-family residential fund. The portfolio consists of 12 newly built assets with more than 280 units in total, offering over 7,500 sq m of net rentable area. All properties are well-located in Tokyo 23 Wards and are, on average, six minutes from the nearest train station. Additionally, all assets will feature key on-site amenities. The assets will be acquired upon completion and, in line with the strategy of AREAP JMF I, Allianz Real Estate intends to lease up and stabilize the assets for a long-term hold.

· On April 5, 2022, One of the leading players, R+V h, declared the company's expansion. The company created new positions in 2021, particularly 200 in IT and 150 in the acquiring field service. The number of employees increased further in 2021 by 181 to 16,707, which indicates the company's growth.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXCEUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrant

      2. 4.4.2 Bargaining Power of Buyer/ Consumer

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Product

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Government Regulations and Industry Policies

    6. 4.6 Impact of COVID-19 on the market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Life Insurances

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-Life Insurances

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Other Non-Life Insurances

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Allianz Group

      2. 6.2.2 Munchener Ruck Gruppe

      3. 6.2.3 Talanx Konzern

      4. 6.2.4 R+V Konzern

      5. 6.2.5 Generali Deutschland AG

      6. 6.2.6 Debeka Versicherungen

      7. 6.2.7 AXA Konzern AG

      8. 6.2.8 Versicherungskammer Bayern

      9. 6.2.9 HUK Coburg Versicherungsgruppe

      10. 6.2.10 Signal Iduna Gruppe*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Germany Life & Non-Life Insurance Market market is studied from 2022 - 2027.

The Germany Life & Non-Life Insurance Market is growing at a CAGR of >4% over the next 5 years.

Allianz Group, Talanx, R+V, Generali, Munich Re are the major companies operating in Germany Life & Non-Life Insurance Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!