Rhion leads the growth ranking of motor vehicle liability insurers!

Rhion leads the growth ranking of motor vehicle liability insurers!

In the period from 2018 to 2023, various motor vehicle liability insurers recorded significant increases in sales. Particularly noteworthy is Rhion Versicherung AG, which has the strongest increase in income. Loud Insurance Journal Provincial and ADAC car insurance also grew at an above-average rate.

Allianz Direct, Nürnberger and Generali were able to increase their sales more than seven times as much as the market. In the entire motor vehicle liability insurance segment, premium income rose by over a third from 2012 to 2023 and most recently totaled around 17.7 billion euros. This corresponds to an increase rate of 4.3 percent, the highest since 2014.

Market development and challenges

In the previous three years, however, the rate of increase was less than one percent. If you look at the premium volume, the industry grew by 7.5 percent from 2018 to 2023. However, only 37 of the 50 largest providers were able to increase their sales over a six-year period. 12 players recorded below-average growth, while 8 companies showed growth of over 30 percent.

Rhion Versicherung AG increased its income to 45.6 million euros, which is more than a tenfold increase on previous values. Provincial doubled its premium volume to 487.5 million euros, while ADAC Autoversicherung was able to grow its sales by over 80 percent to 314.5 million euros. Allianz Direct recorded growth of 50 percent to 297 million euros, and Nuremberg achieved revenues of over 86 million euros. Generali increased its income to a good 612 million euros. Huk24 AG grew by over 41 percent to almost 617 million euros, while Itzehoer Versicherung can show growth of over 30 percent to almost 292 million euros.

Merger and restructuring effects

A key factor in the growth of Provinzial was the merger with Provinzial Rheinland, which was completed on December 13, 2021. At Generali, internal restructuring and mergers that took place on October 25 and 23, 2018 also play a decisive role in sales growth.

Rhion had a particularly strong year in 2020, almost doubling its premium volume. ADAC car insurance already grew by almost a third in 2019, but recently recorded an increase of only one sixth. The comprehensive findings and key figures on these developments are available in the “Industry Monitor 2024: Motor Insurance” by V.E.R.S. Leipzig documented. This is available as a PDF for 1,487.50 euros. Those interested can find further details at vers-leipzig.de.