Motor vehicle insurers generated high revenues in 2022 - Allianz and Huk-Coburg-Allgemeine leading the way

Motor vehicle insurers generated high revenues in 2022 - Allianz and Huk-Coburg-Allgemeine leading the way

According to a report by www.versicherungsjournal.de In 2022, motor vehicle insurers in Germany had almost 129 million contracts in their portfolio, which led to a good 29.1 billion euros in gross written premiums. Allianz topped the rankings for policies and contributions, followed by Huk-Coburg-Allgemeinen in both categories. Huk24 recorded the strongest growth, while DEVK Allgemeine and Axa recorded the largest losses.

Overall, German motor vehicle insurers recorded almost 2 percent more contracts than in the previous year. Most of the policies were taken out by Allianz Versicherungs-AG, followed by Huk-Coburg-Allgemeine Versicherung AG and Huk-Coburg Liability Support Fund for Motorized Officials Deutschlands a.G.

Positions four to six were occupied by LVM Agrarische Versicherungsverein Münster a.G., VHV Allgemeine Versicherung AG and Huk24 AG. R+V, DEVK Allgemeine and Axa took the places behind.

VHV took third place in terms of gross premiums booked, followed by LVM, Huk-Coburg a.G., Axa, R+V, Generali Deutschland, Huk24 and DEVK Allgemeine.

Axa recorded the largest losses with a decline of 2.5 percent, while Huk24 recorded the largest increase in premiums.

Based on this data, it can be seen that the auto insurance industry as a whole experienced growth, with some providers growing more than others. This data provides valuable insights into the performance of the largest car insurers in Germany and enables an in-depth analysis of market conditions.

H2 – Impact on the market and industry
The data shows that the overall auto insurance industry grew in 2022, with Allianz taking a prominent position. The strong growth of Huk24 and the losses of DEVK and Axa indicate changes in market dynamics. This could lead to a realignment of the insurance market as some providers grow faster than others.

H2 – Impact on the consumer
For consumers, the change in market dynamics could have an impact on the tariffs and services offered. Greater competition between providers could lead to cheaper prices and improved services. However, it is also possible that certain providers need to adjust their tariffs in order to remain competitive.

Overall, the data shows that the car insurance industry in Germany is changing, and consumers and providers should monitor developments closely to make informed decisions.