Over the past decade, the property and casualty insurance market in Germany has experienced a consistent decline. From 2013 to 2023, the year-on-year variations indicate a trend of diminishing values, with brief fluctuations such as in 2022, where there was a slight uptick. Notably, the compound annual growth rate (CAGR) over the last five years leading up to 2023 shows a negative trend at -1.04%, marking a general contraction in this sector for the past decade.
In 2023, the industry volume stood at 187 units. Looking ahead, forecasted data from 2024 to 2028 indicates a continued gradual decline. The predicted CAGR over this forecasted period is -0.87%, signaling a sustained contraction with an expected overall decrease of 4.26% by 2028.
Future trends to watch for:
- Technological advancements and their impact on claim processes and risk assessment.
- Regulatory changes within the EU that could affect market dynamics.
- Climate change and its influence on the frequency and severity of claims.
- Market consolidation trends as companies adapt to the declining market.
