8/26/2024 – Almost three dozen of the 50 largest providers of motor liability insurance expanded their portfolios between 2017 and 2022. Rhion, which only entered the car insurance business in 2017, grew the most. It was able to increase by over 1,200 percent. This is shown by the “Industry Monitor 2017-2022: Motor Vehicle Insurance” by VERS Leipzig.
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The number of contracts in motor vehicle liability insurance has increased significantly in recent years. Figures from the General Association of the German Insurance Industry (GDV), it grew by about eight percent from 2017 to 2022, to almost 69.5 million units.
Large differences in the development of motor liability insurance portfolios
According to the “Industry Monitor 2017-2022: Motor Vehicle Insurance”, the individual companies differ significantly. The study is carried out annually by the VERS Leipzig GmbH It contains overviews of numerous key figures for the 50 largest market players in motor insurance, which account for around 87 percent of the market share.
According to the report, only 34 of the 50 largest players were able to increase their contract portfolio over a six-year period. Ten of them grew below average, and nine others grew by more than a quarter.
Rhion increased the most
The biggest increase was in the Rhion Insurance AG The company, which only entered the motor vehicle business in 2017, was able to increase its motor liability insurance portfolio more than twentyfold to around 253,000 contracts. The company managed to more than double its portfolio (to almost 1.8 million policies). Provincial Insurance AG.
Die Generali Germany Insurance AG increased by 64 percent to 2.26 million units. Growth rates between 51 and 42 percent were achieved by the Nuremberg General Insurance AG (to almost 206,000), the Huk24 AG (to 2.93 million) and the Kravag General Insurance AG (to 1.37 million).
Die WGV Insurance AG grew by 39 percent (to 1.24 million). Itzehoer Versicherung/Brandgilde von 1691 aG (to 1.15 million) and Sparkassen Direktversicherung A (S-Direkt; to 263,000) each achieved growth rates of around 30 percent.
Mergers drove growth at Provinzial and Generali
Provinzial’s comparatively strong growth was largely due to the fact that Westfälische Provinzial merged with Provinzial Rheinland and was then renamed Provinzial Versicherung (December 13, 2021). At the beginning of the observation period, there was even a slight decline in the portfolio.
At Generali (October 25, 2018, October 23, 2018), internal restructuring and mergers of risk carriers were responsible for the strong increase. The company grew with the exception of 2020, the year immediately after the merger.
Background to the high growth rates
At Rhion, the year 2020 stood out in terms of growth, when the company increased the number of contracts from 27,500 to 138,400. In the last two years of the observation period, the provider achieved growth rates of around one third each.
At 3.6 percent, Nürnberger grew in 2022, not even half as much as in the previous year. In the second year of the observation period, the growth rate was still in double digits. At Huk24, too, the pace of growth has recently flattened. After initial growth rates of between seven and almost ten percent, it recently only grew by a good four percent.
The “Industry Monitor 2017-2022: Motor Vehicle Insurance” contains numerous other key figures on the insurance sector. The approximately 200-page study can be ordered as a PDF version for EUR 1,350.65 gross including VAT from Maik Entrich by email or by phone on 0341 24659262.
