From skyrocketing premiums to unprecedented market growth, Germany's insurance sector emerged as a formidable force in 2022, with a staggering €263.7 billion in gross written premiums revealing a nation deeply invested in protecting its future.
Key Takeaways
- In 2022, the total gross written premiums in the German insurance market reached €263.7 billion, marking a 5.2% increase from 2021.
- German insurance density stood at €3,132 per capita in 2022, one of the highest in Europe.
- The German insurance market penetration rate was 7.8% of GDP in 2022.
- In 2022, individual life insurance policies numbered 78.2 million in Germany.
- Group life insurance contracts covered 45.6 million people in 2022.
- The savings component of life insurance payouts was €112.4 billion in 2022.
- In 2022, property insurance claims payments totaled €12.5 billion in Germany.
- Motor own damage insurance premiums were €18.7 billion in 2022.
- Third-party motor liability claims paid €15.3 billion in 2022.
- Total claims paid by German insurers were €172.4 billion in 2022.
- Loss ratio for non-life insurance averaged 64.2% in 2022.
- Natural catastrophe claims in Germany totaled €7.9 billion in 2022.
- The German insurance industry employed 498,000 people in 2022.
- Number of insurance companies authorized by BaFin was 1,450 in 2022.
- Insurance agents numbered 420,000 full-time equivalents in 2022.
Germany's massive insurance sector continues its robust and diversified growth.
Claims & Losses
- Total claims paid by German insurers were €172.4 billion in 2022.
- Loss ratio for non-life insurance averaged 64.2% in 2022.
- Natural catastrophe claims in Germany totaled €7.9 billion in 2022.
- Cyber insurance claims paid €450 million in 2022.
- Motor total loss claims 1.2 million cases in 2022.
- Average motor claim size €4,500 in 2022.
- Property damage claims frequency up 12% in 2022.
- Liability personal injury claims €6.8 billion in 2022.
- Fraudulent claims detected saved €1.5 billion in 2022.
- Average household claim €2,800 in 2022.
- Storm claims average payout €15,000 per event 2022.
- Health claims for COVID-19 €2.3 billion in 2022.
- Long-term care benefits paid €35.6 billion in 2022.
- Accident occupational claims €4.1 billion 2022.
- Legal claims resolution time averaged 18 months 2022.
- Run-off provisions for prior claims €12.7 billion 2022.
- Large loss events over €10m numbered 45 in 2022.
- Cyber incidents reported 1,200 with claims 2022.
- Flood claims from 2021 Ahr event €3.2 billion settled 2022.
- Motor third-party average claim €3,200 in 2022.
- Property fire claims €2.9 billion total 2022.
- Liability product claims €1.8 billion 2022.
- Travel cancellation claims €650 million 2022.
- Marine hull claims €450 million in 2022.
- Combined insurance claims ratio 96.8% 2022.
- Insurers' total loss provisions €45.3 billion end-2022.
- Fraud detection rate 8.5% of claims in 2022.
- Natural perils reinsurance recoveries €2.1 billion 2022.
Claims & Losses Interpretation
While German insurers meticulously navigated a landscape of storms, cyber-attacks, and millions of motor mishaps, they paid out a staggering €172.4 billion in 2022, ultimately proving that their business is a high-stakes game of financial whack-a-mole.
Insurers & Employment
- The German insurance industry employed 498,000 people in 2022.
- Number of insurance companies authorized by BaFin was 1,450 in 2022.
- Insurance agents numbered 420,000 full-time equivalents in 2022.
- Brokers handled 25% of premiums, 1,200 firms in 2022.
- BaFin supervised 52 life insurers and 78 non-life in 2022.
- Insurance employees' average salary €68,500 in 2022.
- Women comprised 58% of insurance workforce in 2022.
- IT staff in insurers 45,000 positions in 2022.
- Training apprentices 28,000 in insurance 2022.
- InsurTech startups numbered 320 in Germany 2022.
- Allianz SE employed 122,000 worldwide, 40,000 in Germany 2022.
- Munich Re group staff 39,000, 12,500 Germany 2022.
- Talanx AG (HDI) 18,000 employees Germany 2022.
- ERGO 25,000 staff in Germany 2022.
- R+V Versicherung 20,500 employees 2022.
- Supervisory board meetings averaged 8 per insurer 2022.
- Solvency II compliance 99.8% of insurers 2022.
- Insurance ombudsman handled 15,200 complaints 2022.
- Digital sales channels 35% of new policies 2022.
- Regulatory fines by BaFin €45 million in 2022.
- ESG reporting mandatory for 95% insurers 2022.
- Customer satisfaction score 7.8/10 for insurers 2022.
- Branch turnover per employee €530,000 in 2022.
Insurers & Employment Interpretation
Germany's insurance industry in 2022 was a robust ecosystem of nearly half a million people, 1,450 companies, and €45 million in fines, all working diligently to protect assets, comply with nearly flawless Solvency II ratios, and earn a solid 7.8 out of 10 customer satisfaction score while slowly but surely going digital.
Life Insurance
- In 2022, individual life insurance policies numbered 78.2 million in Germany.
- Group life insurance contracts covered 45.6 million people in 2022.
- The savings component of life insurance payouts was €112.4 billion in 2022.
- Death benefits paid by life insurers totaled €8.7 billion in 2022.
- Occupational pension schemes had €320 billion in provisions in 2022.
- New business in single-premium life insurance was €12.3 billion in 2022.
- Regular premium life insurance new business reached €9.8 billion in 2022.
- Life insurance surrender values paid out €15.2 billion in 2022.
- The load factor for life insurance was 95.2% in 2022.
- Life insurers' investment return was 2.1% on average in 2022.
- Bonds held by life insurers amounted to €1.05 trillion in 2022.
- Equities in life insurance portfolios were €145 billion in 2022.
- Real estate investments by life insurers totaled €78.9 billion in 2022.
- Mortgages in life insurance assets were €210 billion in 2022.
- Private pension products covered 32 million Germans in 2022.
- Riester pensions had 17.5 million contracts in 2022.
- Rürup pensions numbered 4.2 million policies in 2022.
- Life insurance market share of Allianz was 18.4% in 2022.
- AXA's life insurance premiums in Germany were €12.1 billion in 2022.
- Debeka's life business generated €11.5 billion in premiums in 2022.
- R+V Versicherung life premiums totaled €8.9 billion in 2022.
- Signal Iduna life insurance premiums were €7.2 billion in 2022.
- Württembergische life business reached €6.4 billion in 2022.
- DWS Invest life-linked funds managed €25 billion in 2022.
- Life insurance claims ratio was 92.1% in 2022.
- Number of life insurers operating in Germany was 52 in 2022.
Life Insurance Interpretation
While Germans clearly trust their insurers with nearly every euro for a rainy day, the industry's own 2.1% investment return suggests they’re playing it safer than a pensioner crossing the street with a green light and a crossing guard.
Market Size & Premiums
- In 2022, the total gross written premiums in the German insurance market reached €263.7 billion, marking a 5.2% increase from 2021.
- German insurance density stood at €3,132 per capita in 2022, one of the highest in Europe.
- The German insurance market penetration rate was 7.8% of GDP in 2022.
- Non-life insurance premiums grew by 6.8% to €112.4 billion in 2022.
- Life insurance premiums amounted to €151.3 billion in 2022, up 4.1% year-over-year.
- Health insurance premiums in Germany totaled €112.1 billion in 2022.
- The German insurance industry's total assets under management were €2.1 trillion as of 2022.
- Direct insurance premiums in Germany reached €226.5 billion in 2022.
- Reinsurance premiums ceded by German insurers were €25.2 billion in 2022.
- The compound annual growth rate (CAGR) of German insurance premiums from 2018-2022 was 3.5%.
- Motor vehicle insurance premiums grew 7.2% to €38.4 billion in 2022.
- Property insurance premiums increased by 5.9% to €24.1 billion in 2022.
- Liability insurance premiums rose 6.4% to €18.7 billion in 2022.
- Accident insurance premiums totaled €12.3 billion in 2022, up 4.8%.
- Fire and allied perils insurance premiums were €8.9 billion in 2022.
- Household contents insurance premiums reached €5.6 billion in 2022.
- Travel insurance premiums amounted to €2.1 billion in 2022.
- Legal expenses insurance premiums grew to €4.2 billion in 2022.
- Credit and surety insurance premiums were €3.8 billion in 2022.
- Marine aviation and transport insurance premiums totaled €1.9 billion in 2022.
- Miscellaneous non-life premiums reached €11.4 billion in 2022.
- Statutory health insurance contributions collected €270 billion in 2022.
- Private health insurance premiums were €38.5 billion in 2022.
- Supplementary health insurance premiums totaled €12.6 billion in 2022.
- Long-term care insurance premiums amounted to €32.4 billion in 2022.
- Pension insurance premiums grew 3.2% to €45.7 billion in 2022.
- Term life insurance premiums were €28.9 billion in 2022.
- Endowment insurance premiums reached €22.4 billion in 2022.
- Annuity insurance premiums totaled €54.1 billion in 2022.
- Unit-linked life insurance premiums were €15.6 billion in 2022.
Market Size & Premiums Interpretation
With a staggering €263.7 billion in premiums and each citizen covered to the tune of over €3,000, the German insurance market stands as a monument to a society that diligently prepares for every conceivable twist of fate, from cradle to grave and every fender-bender in between.
Non-Life Insurance
- In 2022, property insurance claims payments totaled €12.5 billion in Germany.
- Motor own damage insurance premiums were €18.7 billion in 2022.
- Third-party motor liability claims paid €15.3 billion in 2022.
- Number of motor insurance policies was 46.8 million in 2022.
- Average motor premium per policy was €892 in 2022.
- Fire insurance claims amounted to €4.2 billion in 2022.
- Storm and hail damage claims paid €3.8 billion in 2022.
- Liability claims total €10.1 billion in payouts in 2022.
- Household insurance policies numbered 28.4 million in 2022.
- Legal expenses claims paid €1.9 billion in 2022.
- Credit insurance premiums were €2.4 billion, covering €1.2 trillion risk in 2022.
- Marine insurance claims totaled €1.1 billion in 2022.
- Accident insurance claims payments were €9.8 billion in 2022.
- Non-life combined ratio was 95.6% in 2022.
- Property & casualty insurers numbered 78 in Germany in 2022.
- Allianz non-life premiums in Germany €45.2 billion in 2022.
- Munich Re non-life business in Germany €28.7 billion premiums 2022.
- HDI non-life premiums €15.4 billion in 2022.
- Ergo non-life €22.1 billion in Germany 2022.
- Non-life investment income was €18.9 billion in 2022.
- Travel insurance claims €0.8 billion post-COVID recovery 2022.
- Surety bonds issued covered €450 billion exposure in 2022.
- In 2022, statutory health insurance covered 73.6 million Germans.
- Private health insurance insured 9.1 million people in 2022.
- Total health insurance expenditure was €300.2 billion in 2022.
- Average statutory health contribution rate was 14.6% in 2022.
- Hospital reimbursements by health insurers €98.7 billion in 2022.
- Pharmaceutical spending covered €52.4 billion by health insurance 2022.
- Long-term care insured 33.2 million in statutory schemes 2022.
- Private long-term care policies numbered 1.2 million in 2022.
- Health insurance claims ratio for private insurers 88.4% in 2022.
- Dental treatment claims €18.9 billion paid in 2022.
- Outpatient care reimbursements €75.3 billion in 2022.
- Rehabilitation services covered €12.1 billion in 2022.
- Preventive care spending €4.7 billion by health insurers 2022.
- Supplementary health full coverage policies 6.8 million in 2022.
- Health insurers employed 145,000 staff in 2022.
- TK statutory health insurer had 10.2 million members 2022.
- AOK health group covered 26.1 million insured 2022.
- DAK-Gesundheit had 6.4 million members in 2022.
- Barmenia private health premiums €1.2 billion 2022.
Non-Life Insurance Interpretation
While German insurers demonstrated admirable precision with a combined ratio of 95.6% in non-life, the sheer scale of €300 billion in health expenditures and relentless claims from storms, fires, and fender benders suggests the nation’s primary financial pastime is not saving, but expertly collecting on policies.
Sources & References
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