In 2023, the Gross Incurred Claims of Non-private Property Insurance in Germany were estimated at 7.60 billion euros. From 2024 to 2028, a consistent increase is forecasted, starting from 7.71 billion euros in 2024 and reaching 8.15 billion euros by 2028. This reflects a steady growth rate in claims, with a year-on-year increase of approximately 1.43% from 2024 to 2028. The compound annual growth rate (CAGR) over this five-year period is projected at 1.77%, indicating a moderate but stable upward trend in incurred claims.
Future trends to watch for:
- Impact of climate change on the frequency and severity of property damage, potentially leading to higher claims.
- Changes in regulatory frameworks that may affect insurance covers and claims.
- Technological advancements in risk assessment and damage prevention.
- Potential economic factors such as inflation impacting claim costs.
