Summary of our market study

The global insurance market has shown resilience and growth, with the sector generating over $6,000 billion in life and non-life insurance premiums by 2020. In particular, non-life premiums have been growing faster, averaging 6.8% a year, compared with average growth of 2.71% a year for life premiums. The USA dominates the market, contributing 39.6% of overall premium income, while Germany ranks sixth with a 4% share. In Europe, the insurance landscape varies, with the UK, France and Germany being the top three countries in terms of highest insurance premiums. The German insurance market saw continued growth in primary insurance in 2021, with a CAGR of around 3.48%. General insurance in Germany grew at a CAGR of around 3.46%, with gross written premiums totaling around €77.29 billion in 2021. In addition, health insurance (PHI) saw annual growth of 4.43%. The German insurance brokerage sector is expected to reach sales of around 2 billion euros in 2023, with anticipated growth of 0.9% for the year and average growth of 5.2% per annum over the past five years.

Resilient growth and customer-centric trends in the German insurance market

Trends in the German insurance market The German insurance market has demonstrated consistent growth, paralleling global market trends, with a focus on satisfying the multifaceted demands of its consumers. Recently, total premium income for primary insurers in Germany has risen from around €192.58 billion in 2014 to around €225.87 billion by 2021. This reflects a compound annual growth rate of around 3.48% over the entire period, demonstrating the resilience and expansion of the market. Of the various types of insurance, statutory health insurance covers the largest number of people, around 90% of the population, underlining its indispensability in meeting the nation's healthcare needs. Private liability insurance follows with a popularity rate of around 80%, showing that citizens are aware of the need to protect themselves financially against personal liability. Other categories, such as home and car insurance, also show significant penetration, with respectively 76% and 50% of the population opting for these coverages.

Life insurance, an essential element of the German insurance landscape, remains a crucial tool for citizens seeking financial security for their dependants and sustenance in retirement. In 2021, life insurance policies generated premium income of almost €103.23 billion, with annuity and endowment policies particularly favored.this reflects a preference for stable sources of income after retirement, and for long-term financial planning. In addition, the property-casualty sector consolidated its position with gross premium income of around 77.29 billion euros in the same year, underlining its importance in protecting against everyday risks. Customer preferences in this market are sophisticated, revolving around the security and flexibility of investments, as well as the reliability of the insurer. An impressive 85% are concerned about the security of their investments, with more than half giving priority to the credibility of the contracting party. Flexibility is paramount for 51%, while reasonable returns are sought by just under half. In terms of demographics, 38% of Germans fall into the category of "risk-averse hedgers", preferring comprehensive insurance cover, while around 28% correspond to the category of "risk-averse potentials", justifying a cautious approach to insurance, but with less extensive coverage. Overall, these results provide a clear picture of trends in the German insurance market, showing a strong penchant for security, both physical and financial, while also exposing the varied preferences of its consumers.

Key players in the German insurance brokerage landscape

The German insurance brokerage market is a dynamic and vital component of the wider insurance industry, playing a crucial role in connecting customers with insurers to find the best coverage options. Notable market players are not only diverse in their specialization and market share, but also contribute significantly to the sector's robust growth and expansion. Here is a brief overview of the main brokers operating in the German insurance landscape:

General and specialist insurance brokers

Allianz Insurance: Allianz, one of the giants of the insurance world, is a household name offering a wide range of insurance products. Allianz's brokerage services are renowned for their comprehensive approach to providing tailor-made solutions for individuals and businesses.
Aon Insurance: Renowned for its global presence, Aon brings a wealth of expertise and innovation to the table. It offers risk management, insurance and reinsurance brokerage services, as well as human resources solutions, to a wide range of clients.
Marsh Ltd: Part of the Marsh & McLennan Companies group, Marsh is a world leader in insurance brokerage and risk management. Its services are renowned for helping customers cope with a wide range of risks, both emerging and traditional, in an ever-changing marketplace.

Niche markets and outsized influence

ERGO Group: Specializing in various sectors, ERGO takes a unique approach to insurance, offering individuals and businesses customized insurance, benefits and services.
HDI Global SE: Primarily serving the needs of industrial and commercial customers, HDI Global SE's brokerage services demonstrate its expertise in covering the complex and unique risks faced by businesses.
Gothaer Insurance: With a history dating back over a century, Gothaer offers a range of insurance products from health to life and property, targeting both private customers and SMEs with their personalized services.

The leading brokers on the scene

EcclesiaGroup: Operating primarily in the health and social care sectors, Ecclesia Group's brokerage services are synonymous with in-depth industry knowledge and customer-focused advice.
Funk Insurance Broker GmbH: This broker prides itself on being Germany's largest family-owned insurance broker, offering risk and insurance solutions for multiple sectors with a personalized touch.
GrECo JLT GmbH: Thanks to its expertise in specific sectors such as construction, real estate and industrial risks, GrECo JLT GmbH offers tailor-made risk and insurance solutions for a wide range of industries.

The insurance brokerage market - Germany

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Summary and extracts

1 Market overview

1.1 Introduction

The insurance brokerage market consists of intermediaries who bringclients and insurance companies togetherto help them find the best possible insurance coverage. Insurance brokers are required by law to put the interests of their clients ahead of those of the insurance companies they work with, thus ensuring impartiality in their advice. The segments of this market include different types of insurance, such as:

Motor insurance
Homeowners insurance
Health insurance
Life insurance

Insurance bro kers may be paid by insurance companies or their clients, depending on the type of insurance product and the market in which they operate. In addition, some brokers may also receive commissions, fees or premiums.

The insurance brokerage market has seen steady growth worldwide in recent years. The global market is expected to reach nearly $600 billion by 2028, with a CAGR of more than 5% during 2021-2026. Countries such as the U.S. and the U.K. account for a significant share of the market due to the increasing complexity of insurance products, heavy regulation of the sector, and demand for certain specialized advisory services such as life insurance.

In Germany, the market for insurance brokers is also growing, following the global trend. The revenue of insurance brokers in Germany has increased from 20 billion euros in 2015 to over 24 billion euros in 2021. The German market has some peculiarities, as the sector has a rather strict regulation and a strong dominance of the public sector in health insurance.

There are many insurance brokers in Germany, such as:

Funk Group, one of the largest independent insurance brokers in Germany, specializing in commercial insurance.
Württembergische Insurance, a German insurance company.

Recently, more and more online platforms have emerged that offer comparison services for insurance products. These platforms allow customers to easily reduce the cost of the insurance policies they normally purchase.

2 Demand analysis

3 Market structure

4 Offer analysis

5 Regulations

6 6.1 players

6.1 Positioning of the players

Allianz Versicherung
Aon Versicherung
Marsh GmbH
ERGO Group
HDI Global SE
Gothaer Versicherung
Ecclesia Gruppe
Funk Versicherungsmakler GmbH
GrECo JLT GmbH
Check24 Versicherung
Verivox Versicherungsvergleich GmbH
Wefox

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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Allianz Versicherung

Aon Versicherung

Marsh GmbH

ERGO Group

HDI Global SE

Gothaer Versicherung

Ecclesia Gruppe

Funk Versicherungsmakler GmbH

GrECo JLT GmbH

Check24 Versicherung

Verivox Versicherungsvergleich GmbH

Wefox

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