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Motor insurance: Rhion leads growth
Discover the fastest-growing car insurers in Germany! Find out how companies like Rhion, Provinzial and Generali have grown significantly above average. The “Industry Monitor 2017-2022” from V.E.R.S. Leipzig provides exciting insights.
Motor insurance: Rhion leads growth
Between 2017 and 2022, some car insurers in Germany recorded above-average growth. According to the “Industry Monitor 2017-2022: Motor Insurance” from V.E.R.S. Rhion was able to increase its revenue the most in Leipzig by far. Provincial and Generali also recorded significant increases, which were attributable to mergers. Nürnberger, Helvetia and Huk24 grew more than three times as fast as the market.
Overall, gross premiums in motor insurance rose by almost a third to over 29.1 billion euros from 2012 to 2022, as reported by the General Association of the German Insurance Industry (GDV). However, growth rates in the last three years have been weaker than in previous years. Rhion experienced particularly strong growth in 2018 and 2020, while Helvetia experienced a slight decline after initial gains before returning to growth.
The mergers at Provinzial and Generali contributed significantly to their growth. Provincial benefited from the merger with Provincial Rheinland, while at Generali internal restructuring and the merger of risk takers were responsible for growth. Other companies such as Nürnberger, Helvetia and Huk24 also recorded significant increases in their premium volumes.
The 2017-2022 Industry Monitor shows that only 34 of the 50 largest players in motor insurance have seen growth in the last six years. This indicates major differences in premium development. Companies such as Rhion, Provinzial, Generali, Nürnberger, Helvetia and Huk24 have been able to strengthen their position in the market through their growth strategies and mergers.