Growth peaks in the motor vehicle insurance industry

Growth peaks in the motor vehicle insurance industry

Auto insurers' revenue experienced a significant increase between 2017 and 2022. As part of the “Industry Monitor 2017-2022: Motor Insurance” by V.E.R.S. Leipzig the growth rates were analyzed. Rhion recorded the largest increase in revenue, followed by Provinzial and Generali, whose growth was mainly driven by mergers. Other car insurers that grew above average were Nürnberger, Helvetia and Huk24, each of which developed more than three times the market.

The General Association of the German Insurance Industry (GDV) reported a sharp increase in premium volume in motor insurance from 2012 to 2022, with gross premiums written increasing by almost a third. Revenue recently totaled over 29.1 billion euros. Despite this increase, the last three years have shown a slightly weaker growth rate of around one percent compared to previous years.

There were different developments among the individual car insurers, as can be seen from the “Industry Monitor 2017-2022: Motor Insurance”. Companies such as Rhion, Provinzial, Generali, Nürnberger, Helvetia and Huk24 were able to significantly increase their sales during this period. Mergers, internal restructuring and mergers of risk takers have been driving forces behind the growth of companies such as Provinzial and Generali.

There are many reasons behind the high growth rates of car insurers, as the development of the individual companies in the period from 2017 to 2022 makes clear. Increases in revenue from Rhion, Provinzial, Generali, Nürnberger, Helvetia and Huk24 testify to the dynamic development in the motor insurance industry. The “Industry Monitor 2017-2022: Motor Insurance” offers detailed insights into the performance of the 50 largest market players and their progress over the past six years.