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Property Insurance - Germany

Germany

The Property Insurance market market in Germany is expected to reach a projected market size (gross written premium) of €37.13bn by 2024.
The average spending per capita in the Property Insurance market market is estimated to be €0.45k in 2024.
The gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2028) of 2.94%, leading to a market volume of €41.69bn by 2028.
In global comparison, the United States is projected to generate the highest gross written premium of €199.1bn in 2024.
In Germany, the property insurance market is experiencing a rise in demand due to an increase in extreme weather events.

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Analyst Opinion

Over the past few years, the Property Insurance market in Germany has been experiencing significant growth and transformation. Customer preferences in the German Property Insurance market are shifting towards more comprehensive coverage options that provide protection not only for traditional risks like fire and theft, but also for natural disasters such as floods and storms. Customers are increasingly looking for customized insurance solutions that cater to their specific needs and offer added value through additional services such as 24/7 emergency helplines and digital claims processing. Trends in the market indicate a rise in the adoption of digital technologies and data analytics to streamline processes, enhance customer experience, and assess risks more accurately. Insurers in Germany are investing in innovative technologies such as artificial intelligence and Internet of Things (IoT) to offer more personalized products and services, as well as to improve operational efficiency. Local special circumstances, such as the high population density in urban areas and the increasing frequency of extreme weather events due to climate change, are driving the demand for Property Insurance in Germany. Urbanization and the concentration of valuable assets in cities make property owners more vulnerable to risks, prompting them to seek adequate insurance coverage. Underlying macroeconomic factors, including low interest rates and economic uncertainty, are also influencing the Property Insurance market in Germany. Insurers are facing challenges in generating sufficient investment returns to cover claims payouts, leading to a focus on underwriting discipline and risk management. Additionally, changing regulatory requirements and increasing competition are shaping the market landscape and driving insurers to differentiate their offerings through innovation and customer-centric strategies.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.