Germany Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Germany Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

· The Germany Motor Insurance Market is estimated to grow at a CAGR of approximately 3.5% during the forecast period.

· Motor vehicle insurance was by far the largest insurance class, total motor insurance gross written premium (GWP) was increased by 3.6% in 2018 amounted to 27,922 EUR million, motor vehicle third party liability (MTPL) was increased by 2.8% amounted to 16,484 EUR million in 2018. As in the previous years, the increase is attributable both to a rise in the number of policies and to higher average premiums. In 2018, Total motor insurance claims was increase by 1% and for MTPL claims was increased by 2.6%, number of contracts for total motor insurance was 118.6 million and number of contracts of motor vehicle third party liability (MTPL) was 65.2 million in 2018.

· All drivers in Germany must be covered by some form of car insurance, people cannot register a vehicle without it. If a person is a long-term resident of Germany, they need German car insurance, even if they have brought a car from abroad to Germany; foreign car insurance is not enough.

· Digitalization is a central concern of the German insurance industry. Many insurance companies are currently modernizing their IT infrastructures, moving to cloud solutions or investing in new technologies such as artificial intelligence (AI) or blockchain in order to provide enhanced products and services to their customers. In 2017, German insurers spent EUR 4.45 billion in total on IT, one of the key investment priorities in insurance companies include the optimization of business processes, the operating organization and the insurance IT. This weighting has increased further by the momentum of Digitization and their dynamic effects on competitiveness.

Key Market TrendsIncrease in Number of Contracts in Motor Insurance:

Year on year number of contracts are increasing, it shows demand motor insurance is not decreasing. Automotive is the largest segment of the insurance industry in Germany, most German non-life insurers are reasonably focused on auto insurance, with Auto insurance holding the largest share of non-life insurance premiums on the insurance market, which is EUR 27,922 million in 2018.

Increase in Electric cars sales:

During 2019, Germany surpassed Norway as the largest European market for electrically chargeable vehicles. About 68,000 electric cars were sold in Germany in 2018. The number of electric car sales has risen in each of the years reported, with a particularly strong rise seen in 2017, when the figures have more than doubled, in 2019, nearly 60.9% were up in electric car sales.

Competitive Landscape

The Germany Motor Insurance Market report covers the major players operating in the Germany Motor Insurance Market. The market is fragmented, the market is expected to grow during the forecast period due to increase in automobile sales and many other factors.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Beurer GmbH
NeuroMetrix Inc.
DJO Global
EMS Physio Ltd
Zynex Medical
BioMedical Life Systems
Omron Healthcare Inc.
Liberate Medical
Innovative Health Solutions
Abbott Laboratories
RS Medical Inc.
Mettler Electronics Corp.
Tone
A
Matic
Zimmer MedizinSysteme GmbH
EMS Physio Ltd

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