Market Size of Germany Property & Casualty Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 88.55 Billion |
| Market Size (2029) | USD 94.17 Billion |
| CAGR (2024 - 2029) | 1.23 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Germany Property & Casualty Insurance Market Analysis
The Germany Property & Casualty Insurance Market size in terms of gross written premiums value is expected to grow from USD 88.55 billion in 2024 to USD 94.17 billion by 2029, at a CAGR of 1.23% during the forecast period (2024-2029).
The property and casualty insurance market in Germany is among the largest and most mature in Europe, with a significant number of domestic and international players operating in the market. In terms of product offerings, German insurers provide various P&C insurance products to individuals, businesses, and other organizations. This includes coverage for property damage, liability, motor vehicles, and other risks. In addition, specialty insurance products that are specific to particular sectors and risks, e.g., cyber or environmental liability protection, are becoming increasingly popular.
The shift to digitalization is a further notable trend in Germany's insurance market. Insurtech and digital insurance platforms are increasingly gaining attention, challenging the established players. Platforms like Wefox, Clark, and Getsafe are offering innovative digital solutions for customers, making it easier and more convenient to access insurance products.
The increased focus on sustainability and climate risk is another significant development in the market. With the growing awareness of climate-related risks, insurers are offering climate-friendly products and integrating climate risk management into their underwriting processes.
