Forecast: Gross Premium of Non-life Insurance in Germany

From 2013 to 2023, the gross premium of non-life insurance in Germany has experienced a general upward trend, standing at 123.89 billion Euros in 2023. The year-on-year variations have been relatively modest with a few exceptions, such as a notable decline of -3.73% in 2020, likely due to the pandemic. The CAGR over the last five years was 1.29%, indicating moderate growth with occasional fluctuations. The data suggests a relatively stable market with a tendency towards gradual growth.

Looking ahead, the forecast for 2024-2028 indicates a continuation of this steady increase, with an average annual growth rate of 0.97%. By 2028, the gross premiums are expected to reach 131.27 billion Euros. The overall 5-year growth rate is anticipated to be 4.95%, reflecting sustained, albeit modest, market expansion.

Future trends to watch for include the impact of digital transformation in the insurance sector, changes in regulatory frameworks, and the potential influence of climate change on risk assessment and insurance premiums. Additionally, innovations in product offerings and customer engagement strategies may also play a critical role in shaping the market dynamics.