Industry analysis 2023: Property/casualty insurance grows by 4.4 percent to over 79.1 billion euros - Allianz retains leading position

Industry analysis 2023: Property/casualty insurance grows by 4.4 percent to over 79.1 billion euros - Allianz retains leading position

According to a report by www.versicherungsjournal.de, Allianz will remain the clear market leader in property/casualty insurance in 2022, followed by AGCS, HDI Global, Ergo and R+V. Zurich moved past Württembergische into twelfth place. In the 2022 financial year, the property/casualty insurers, which are organized in the German Insurance Association (GDV), increased the gross premiums written for the 15th time in a row, by 4.4 percent to over 79.1 billion euros.

The income situation of the 14 market sizes developed very differently, with AGCS as the leader in growth. Slightly below-average rates of increase were seen at R+V Allgemeine Versicherung AG, Generali Deutschland Versicherung AG, Huk-Coburg-Allgemeine Versicherung AG, Axa Versicherung AG, Allianz Versicherungs-AG and VHV Allgemeine Versicherung AG.

Allianz continues to maintain its leading position, although the market share of AGCS and other companies is constantly growing. In the long term, this could lead to a loss of power for the alliance, especially as international players show strong growth. The intensification of restructuring in industrial insurance has contributed significantly to the strong growth.

It is important to note that market dynamics and growing reward volumes will result in ranking changes and increased competition for some providers. Industry experts should monitor developments closely as this will impact the market, the consumer and the entire insurance industry.