Growth in home insurance: Analysis shows which providers were able to increase their portfolios.

Growth in home insurance: Analysis shows which providers were able to increase their portfolios.

According to a report by www.versicherungsjournal.de, the number of residential building insurers organized in the General Association of the German Insurance Industry (GDV) fell from 19.5 to 19.3 million contracts, which corresponds to a decrease of around one percent. However, the “Industry Monitor 2017-2022: Home Building Insurance” shows that 33 of the 50 largest providers in this area were able to expand their portfolios. The Provinzial recorded the largest increase in absolute terms, while the Bayerische increased the most in percentage terms. The analysis contains overviews of numerous key figures from the 50 largest companies in this area with around 95 percent market share.

Provincial Versicherung AG was able to increase its portfolio by almost 560,000 contracts, followed by Generali Deutschland Versicherung AG with growth of 295,000 and LVM Agricultural Insurance Association Münster a.G. with an increase of 110,000 contracts. The special factors at Provinzial and Generali contributed significantly to their respective developments. Bayerische recorded the largest percentage increase and was able to increase its contract portfolio more than two and a half times by around 59,000.

The impact of the contract increases could mean a strengthening of the companies' market position as well as a greater presence and reach in the home insurance industry. By increasing the insurance portfolio, companies can also increase their revenue and market share. This could mean increased competitiveness and offer consumers a greater choice of insurance providers and policies. Overall, the article shows that despite the overall downward trend in the industry, the largest providers were able to expand their business and thus record positive developments.