Household contents insurance: Generali is growing in absolute terms, and Provinzial is growing the fastest in percentage terms

Household contents insurance: Generali is growing in absolute terms, and Provinzial is growing the fastest in percentage terms

According to a report by www.versicherungsjournal.de, home contents insurance has seen strong growth in recent years. Between 2017 and 2022, 30 of the 50 largest providers were able to expand their inventories. Generali and Provinzial in particular recorded strong growth, which is primarily due to mergers. The liability fund was also able to more than double its holdings. Overall, the number of household contents insurance contracts in Germany rose to 27.2 million.

The relative increases show that the Provinzial and the liability insurance companies are ahead and were able to increase their portfolio by more than 100 percent. Generali and Ammerländer also recorded strong increases of over 70 percent.

The impact of these growth trends on the market is significant. With an increase of almost 700,000 contracts, Generali has significantly strengthened its position, as has Provinzial, which was able to increase by over half a million contracts. This shows that the mergers have led to a significant increase in market shares.

For the consumer, this means there is a greater choice of insurance providers and options. Due to strong competition, this could lead to better offers and services for those insured. The industry as a whole benefits from increased contract volume, which can lead to higher revenues and a stable market situation.

Overall, the growth trends in home contents insurance are a positive sign for the industry and those insured, as they indicate a stable and competitive market. This could lead to insurance companies continuing to invest in innovation and customer satisfaction to consolidate and improve their position.