2014-01-28 14:05:02 - Non-Life Insurance in Germany, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Germany non-life insurance market is one of the leading non-life insurance segments in the European region. Compulsory insurance aided rapid segment growth during 2001â2011. Due to the impact of the global financial crisis, the segment bordered on stagnant during 2008â2010.
The non-life segment is highly fragmented with the presence of more than 200 insurers supplying a variety of products. During the review period, the non-life segment recorded the strongest annual growth. This was also the highest growth rate the non-life segment witnessed since 2003, due to the growth in motor cover in 2011. Non-life insurers are increasingly focusing on underwriting profitability as the low interest rate continues to suppress their investment income.
Non-life was the second-largest segment in the German insurance
industry with a market share of 28.0% in gross written premium terms in 2012. The motor insurance category accounted for 42%, the largest in the non-life segment, in 2012.
The low interest rates and safer way to invest money increased demand for housing and increased real estate prices by more than 20% in 2012. The low penetration rate of the segment is expected to support growth over the forecast period as it provides a huge potential market for insurers.
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