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According to GlobalData, the turnover of the German non-life insurance market is expected to reach 229.6 billion USD by 2026 compared to 148 billion USD in 2020. The average annual growth rate is estimated at 6.8%.
The sector's growth depends on the evolution of the health and personal accident (PA&H), motor and property damage activities. The three lines of business accounted for 38.8%, 23.4% and 17.2% of market share in 2020, respectively.
The post-Covid economic recovery is also expected to support growth in the P&C market over the next five years.
Read also | German insurance market