Provincial is booming: The top growth heroes of accident insurance in 2025!

Provincial is booming: The top growth heroes of accident insurance in 2025!

In the area of ​​accident insurance, numerous providers are recording significant growth rates. According to a recent report by Insurance Journal 35 of the 50 largest accident insurers have increased their gross written premiums in the last six years. Provincial has particularly stood out, topping the list with growth of an impressive 128 percent. Generali and Huk24 were able to increase their premium volume by almost two thirds.

However, the development of private accident insurance has shown overall moderate growth in recent years. The “Industry Monitor 2024: Accident Insurance” from VERSE. Leipzig emphasizes that the premium volume in this industry has only increased slightly in recent years. Looking at it over a decade, there was an increase of just 3.4 percent, with the years 2018 and 2019 being crucial with increases of 1.0 and 1.8 percent.

Concise numbers and developments

In 2023, the gross premiums written in accident insurance amounted to around 6.7 billion euros, which, adjusted for inflation, corresponds to a moderate increase of 0.5 percent. Despite this stable development, there has only been one decline in income in the last decade. Between 2018 and 2023, the premium volume grew by 2.5 percent, with 35 accident insurers recording increasing premium income.

Several insurance providers show particularly noteworthy growth figures. Provinzial Versicherung AG was able to double its gross income to 177 million euros. Generali Deutschland Versicherung AG also grew to almost 432 million euros, while Huk24 AG reached over 15 million euros. Huk-Coburg-Allgemeine Versicherung AG reported growth to almost 60 million euros, and VHV Allgemeine Versicherung AG achieved 59 million euros. Even the VVaG liability insurance fund grew to almost 58 million euros. With a third more revenue, Adler Versicherung AG recorded growth to almost 25 million euros.

Mergers as a growth driver

A key factor in the growth of some companies is internal restructuring. The Generali and Aachenmünchener merged to form Generali Deutschland Versicherung AG, while Westfälische Provinzial Versicherung AG merged with Provinzial Rheinland Versicherung AG and renamed itself Provinzial Versicherung AG. All of the companies mentioned recorded growth in every year of the period under review, with the exception of Generali.

Huk-Coburg-Allgemeine Versicherung has grown consistently between eight and ten percent in recent years. Huk24 initially achieved growth from 14 to less than eight percent, but has recently also achieved double-digit growth rates again. In the penultimate year of the period under review, the VHV grew by almost ten percent, while the liability fund lost its growth rate, from almost nine percent in 2019 to less than five percent recently.