The motor insurance market in Germany experienced steady growth from 2013 to 2019, peaking at 115.4 million units. However, there was a significant decline in 2020 to 96.36 million units, followed by a substantial recovery in 2021 to 110.87 million units. As of 2023, the market stands at 117.9 million units. Over the last two years (2022-2023), the market grew by 5.8% and 0.51% respectively. The five-year CAGR from 2018 to 2023 is 0.53%, indicating a moderate but stable growth trend.
Looking forward, the forecasted data suggests a continuation of modest growth, reaching 120.67 million units by 2028, with a forecast 5-year CAGR of 0.42%. This implies an overall growth rate of 2.14% from 2024 to 2028.
Future trends to watch for include the impact of evolving automotive technologies, such as autonomous vehicles and increased adoption of electric vehicles, which may influence the motor insurance landscape. Additionally, regulatory changes and consumer behavior shifts post-pandemic could also play crucial roles in shaping the market.
