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Motor vehicle insurance market: Huk-Coburg with paradoxical business figures
Find out why car insurance is becoming more and more expensive and how you can still save. Huk-Coburg records high losses, which leads to price increases. Comparing is worth it!
Motor vehicle insurance market: Huk-Coburg with paradoxical business figures
Huk-Coburg, a leader in the German motor vehicle insurance market, recorded a loss of 216.3 million euros in this business area in 2023 despite an increase in the number of insured vehicles compared to the previous year. This led to necessary price increases, with the company's vehicle insurance premiums increasing by more than ten percent at the turn of the year. These increases could total 25 percent over three years.
The entire auto insurance industry is facing rising parts prices and repair costs that are at record levels, due in part to high inflation. The industry's total losses exceeded three billion euros in 2023, and another loss is expected for the current year. Damage costs in motor vehicle liability insurance have risen sharply, which is due to more complex vehicle technology and bottlenecks in the supply of spare parts.
Increasing storms caused by climate change are also contributing to higher repair costs. More frequent and more intense hailstorms have resulted in amounts of damage that have not previously been reached. However, insurers are limited in their ability to lower rates because government regulators require that claims inflation be adequately taken into account when calculating rates.
Despite these challenges, consumers have the opportunity to achieve savings through intensive tariff comparison. Switching to a cheaper provider or negotiating with your current insurer can provide opportunities to reduce costs. It is recommended to compare rates regularly to realize potential savings on car insurance.