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
1Total claims paid by German insurers were €172.4 billion in 2022.
Verified2Loss ratio for non-life insurance averaged 64.2% in 2022.
Verified3Natural catastrophe claims in Germany totaled €7.9 billion in 2022.
Verified4Cyber insurance claims paid €450 million in 2022.
Directional5Motor total loss claims 1.2 million cases in 2022.
Single source6Average motor claim size €4,500 in 2022.
Verified7Property damage claims frequency up 12% in 2022.
Verified8Liability personal injury claims €6.8 billion in 2022.
Verified9Fraudulent claims detected saved €1.5 billion in 2022.
Directional10Average household claim €2,800 in 2022.
Single source11Storm claims average payout €15,000 per event 2022.
Verified12Health claims for COVID-19 €2.3 billion in 2022.
Verified13Long-term care benefits paid €35.6 billion in 2022.
Verified14Accident occupational claims €4.1 billion 2022.
Directional15Legal claims resolution time averaged 18 months 2022.
Single source16Run-off provisions for prior claims €12.7 billion 2022.
Verified17Large loss events over €10m numbered 45 in 2022.
Verified18Cyber incidents reported 1,200 with claims 2022.
Verified19Flood claims from 2021 Ahr event €3.2 billion settled 2022.
Directional20Motor third-party average claim €3,200 in 2022.
Single source21Property fire claims €2.9 billion total 2022.
Verified22Liability product claims €1.8 billion 2022.
Verified23Travel cancellation claims €650 million 2022.
Verified24Marine hull claims €450 million in 2022.
Directional25Combined insurance claims ratio 96.8% 2022.
Single source26Insurers' total loss provisions €45.3 billion end-2022.
Verified27Fraud detection rate 8.5% of claims in 2022.
Verified28Natural perils reinsurance recoveries €2.1 billion 2022.
VerifiedClaims & 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
1The German insurance industry employed 498,000 people in 2022.
Verified2Number of insurance companies authorized by BaFin was 1,450 in 2022.
Verified3Insurance agents numbered 420,000 full-time equivalents in 2022.
Verified4Brokers handled 25% of premiums, 1,200 firms in 2022.
Directional5BaFin supervised 52 life insurers and 78 non-life in 2022.
Single source6Insurance employees' average salary €68,500 in 2022.
Verified7Women comprised 58% of insurance workforce in 2022.
Verified8IT staff in insurers 45,000 positions in 2022.
Verified9Training apprentices 28,000 in insurance 2022.
Directional10InsurTech startups numbered 320 in Germany 2022.
Single source11Allianz SE employed 122,000 worldwide, 40,000 in Germany 2022.
Verified12Munich Re group staff 39,000, 12,500 Germany 2022.
Verified13Talanx AG (HDI) 18,000 employees Germany 2022.
Verified14ERGO 25,000 staff in Germany 2022.
Directional15R+V Versicherung 20,500 employees 2022.
Single source16Supervisory board meetings averaged 8 per insurer 2022.
Verified17Solvency II compliance 99.8% of insurers 2022.
Verified18Insurance ombudsman handled 15,200 complaints 2022.
Verified19Digital sales channels 35% of new policies 2022.
Directional20Regulatory fines by BaFin €45 million in 2022.
Single source21ESG reporting mandatory for 95% insurers 2022.
Verified22Customer satisfaction score 7.8/10 for insurers 2022.
Verified23Branch turnover per employee €530,000 in 2022.
VerifiedInsurers & 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
1In 2022, individual life insurance policies numbered 78.2 million in Germany.
Verified2Group life insurance contracts covered 45.6 million people in 2022.
Verified3The savings component of life insurance payouts was €112.4 billion in 2022.
Verified4Death benefits paid by life insurers totaled €8.7 billion in 2022.
Directional5Occupational pension schemes had €320 billion in provisions in 2022.
Single source6New business in single-premium life insurance was €12.3 billion in 2022.
Verified7Regular premium life insurance new business reached €9.8 billion in 2022.
Verified8Life insurance surrender values paid out €15.2 billion in 2022.
Verified9The load factor for life insurance was 95.2% in 2022.
Directional10Life insurers' investment return was 2.1% on average in 2022.
Single source11Bonds held by life insurers amounted to €1.05 trillion in 2022.
Verified12Equities in life insurance portfolios were €145 billion in 2022.
Verified13Real estate investments by life insurers totaled €78.9 billion in 2022.
Verified14Mortgages in life insurance assets were €210 billion in 2022.
Directional15Private pension products covered 32 million Germans in 2022.
Single source16Riester pensions had 17.5 million contracts in 2022.
Verified17Rürup pensions numbered 4.2 million policies in 2022.
Verified18Life insurance market share of Allianz was 18.4% in 2022.
Verified19AXA's life insurance premiums in Germany were €12.1 billion in 2022.
Directional20Debeka's life business generated €11.5 billion in premiums in 2022.
Single source21R+V Versicherung life premiums totaled €8.9 billion in 2022.
Verified22Signal Iduna life insurance premiums were €7.2 billion in 2022.
Verified23Württembergische life business reached €6.4 billion in 2022.
Verified24DWS Invest life-linked funds managed €25 billion in 2022.
Directional25Life insurance claims ratio was 92.1% in 2022.
Single source26Number of life insurers operating in Germany was 52 in 2022.
VerifiedLife 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
1In 2022, the total gross written premiums in the German insurance market reached €263.7 billion, marking a 5.2% increase from 2021.
Verified2German insurance density stood at €3,132 per capita in 2022, one of the highest in Europe.
Verified3The German insurance market penetration rate was 7.8% of GDP in 2022.
Verified4Non-life insurance premiums grew by 6.8% to €112.4 billion in 2022.
Directional5Life insurance premiums amounted to €151.3 billion in 2022, up 4.1% year-over-year.
Single source6Health insurance premiums in Germany totaled €112.1 billion in 2022.
Verified7The German insurance industry's total assets under management were €2.1 trillion as of 2022.
Verified8Direct insurance premiums in Germany reached €226.5 billion in 2022.
Verified9Reinsurance premiums ceded by German insurers were €25.2 billion in 2022.
Directional10The compound annual growth rate (CAGR) of German insurance premiums from 2018-2022 was 3.5%.
Single source11Motor vehicle insurance premiums grew 7.2% to €38.4 billion in 2022.
Verified12Property insurance premiums increased by 5.9% to €24.1 billion in 2022.
Verified13Liability insurance premiums rose 6.4% to €18.7 billion in 2022.
Verified14Accident insurance premiums totaled €12.3 billion in 2022, up 4.8%.
Directional15Fire and allied perils insurance premiums were €8.9 billion in 2022.
Single source16Household contents insurance premiums reached €5.6 billion in 2022.
Verified17Travel insurance premiums amounted to €2.1 billion in 2022.
Verified18Legal expenses insurance premiums grew to €4.2 billion in 2022.
Verified19Credit and surety insurance premiums were €3.8 billion in 2022.
Directional20Marine aviation and transport insurance premiums totaled €1.9 billion in 2022.
Single source21Miscellaneous non-life premiums reached €11.4 billion in 2022.
Verified22Statutory health insurance contributions collected €270 billion in 2022.
Verified23Private health insurance premiums were €38.5 billion in 2022.
Verified24Supplementary health insurance premiums totaled €12.6 billion in 2022.
Directional25Long-term care insurance premiums amounted to €32.4 billion in 2022.
Single source26Pension insurance premiums grew 3.2% to €45.7 billion in 2022.
Verified27Term life insurance premiums were €28.9 billion in 2022.
Verified28Endowment insurance premiums reached €22.4 billion in 2022.
Verified29Annuity insurance premiums totaled €54.1 billion in 2022.
Directional30Unit-linked life insurance premiums were €15.6 billion in 2022.
Single sourceMarket 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
1In 2022, property insurance claims payments totaled €12.5 billion in Germany.
Verified2Motor own damage insurance premiums were €18.7 billion in 2022.
Verified3Third-party motor liability claims paid €15.3 billion in 2022.
Verified4Number of motor insurance policies was 46.8 million in 2022.
Directional5Average motor premium per policy was €892 in 2022.
Single source6Fire insurance claims amounted to €4.2 billion in 2022.
Verified7Storm and hail damage claims paid €3.8 billion in 2022.
Verified8Liability claims total €10.1 billion in payouts in 2022.
Verified9Household insurance policies numbered 28.4 million in 2022.
Directional10Legal expenses claims paid €1.9 billion in 2022.
Single source11Credit insurance premiums were €2.4 billion, covering €1.2 trillion risk in 2022.
Verified12Marine insurance claims totaled €1.1 billion in 2022.
Verified13Accident insurance claims payments were €9.8 billion in 2022.
Verified14Non-life combined ratio was 95.6% in 2022.
Directional15Property & casualty insurers numbered 78 in Germany in 2022.
Single source16Allianz non-life premiums in Germany €45.2 billion in 2022.
Verified17Munich Re non-life business in Germany €28.7 billion premiums 2022.
Verified18HDI non-life premiums €15.4 billion in 2022.
Verified19Ergo non-life €22.1 billion in Germany 2022.
Directional20Non-life investment income was €18.9 billion in 2022.
Single source21Travel insurance claims €0.8 billion post-COVID recovery 2022.
Verified22Surety bonds issued covered €450 billion exposure in 2022.
Verified23In 2022, statutory health insurance covered 73.6 million Germans.
Verified24Private health insurance insured 9.1 million people in 2022.
Directional25Total health insurance expenditure was €300.2 billion in 2022.
Single source26Average statutory health contribution rate was 14.6% in 2022.
Verified27Hospital reimbursements by health insurers €98.7 billion in 2022.
Verified28Pharmaceutical spending covered €52.4 billion by health insurance 2022.
Verified29Long-term care insured 33.2 million in statutory schemes 2022.
Directional30Private long-term care policies numbered 1.2 million in 2022.
Single source31Health insurance claims ratio for private insurers 88.4% in 2022.
Verified32Dental treatment claims €18.9 billion paid in 2022.
Verified33Outpatient care reimbursements €75.3 billion in 2022.
Verified34Rehabilitation services covered €12.1 billion in 2022.
Directional35Preventive care spending €4.7 billion by health insurers 2022.
Single source36Supplementary health full coverage policies 6.8 million in 2022.
Verified37Health insurers employed 145,000 staff in 2022.
Verified38TK statutory health insurer had 10.2 million members 2022.
Verified39AOK health group covered 26.1 million insured 2022.
Directional40DAK-Gesundheit had 6.4 million members in 2022.
Single source41Barmenia private health premiums €1.2 billion 2022.
VerifiedNon-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.
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