Market Size of Germany Life & Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| 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 Life & Non-life Insurance Market Analysis
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.
