In 2023, the gross incurred claims of property and casualty insurance in Germany stood at EUR 53.31 billion. Observing the annual percentage changes, the period from 2013 to 2023 revealed fluctuating growth and contraction, from a significant 12.21% increase in 2013 to a modest 1.1% growth in 2023. Over the last five years, the industry experienced an average growth rate (CAGR) of 1.17% annually.
Forecasting from 2024 to 2028, the gross incurred claims are expected to continue their upward trend, with growth rates marginally stabilizing. The projected five-year CAGR stands at 0.88%, indicating moderate but consistent increases in incurred claims, amounting to a 4.5% total growth over this period by 2028.
Future trends to watch for include the potential impact of climate change on property claims due to increased frequency and severity of natural disasters, technological advancements influencing risk management, and regulatory changes affecting claim procedures and payouts. Monitoring these factors could provide deeper insights into the evolving dynamics of the property and casualty insurance market in Germany.