The gross written premium income for motor insurance in Germany is projected to grow steadily from 28.86 billion Euros in 2024 to 30.43 billion Euros in 2028. Comparing to the prior actuals, in 2023, the income stood at 28.5 billion Euros, indicating a moderate growth trend. The year-on-year growth from 2024 to 2028 shows an approximate increase of 1-1.3%. The compounded annual growth rate (CAGR) over this period is around 1.3%, reflecting a stable increment in the motor insurance sector.
Future trends to watch for include:
- The impact of technological advancements like automated driving on insurance premiums.
- Increasing incorporation of telematics in determining insurance premiums.
- Possible regulatory changes in the European Union affecting insurance frameworks.
- Shifts in consumer behavior and preferences influencing insurance product offerings.
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