Germany Reinsurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Germany Reinsurance Market Analysis
The market has generated a revenue of more than USD 96 Billion in the current year and is poised to register a CAGR of more than 4.2% for the forecast period.
Reinsurance is a practice where an agreement is made between a reinsurance company and an insurance company to cover some risk of the claims made by the customers to the insurance company. This is done to reduce the risk to the insurance company. Situations such as an insurance company facing a high number of claims due to unfavorable market conditions give rise to a reinsurance cover. During the COVID-19 insurance company has seen a rise in the growth of claims made in the life & health insurance sector. The economic and social disruption due to the pandemic increased, which increased insurance claims, and companies have taken a digital approach to resolve the issues in their customer services. This is said to be a factor that will give rise to the need for reinsurance in the sector.
Companies in the market are constantly investing in R&D and artificial intelligence deployment to capitalize on promising business opportunities; for instance, Munich Re is increasing the acceptance of artificial intelligence and paving the way for responsible AI application use. Other factors, such as increasing property loss due to natural calamities, have increased the insurance claim rate in Europe. For instance, recent severe floodings caused devastating losses in western Germany; this loss was over USD 40 billion.
Germany Reinsurance Market Trends
Increasing Insurance Claim Across the Region is Driving The Market
Germany has seen a steady increase in insurance claims across various industries, such as health insurance, motor insurance, property and casualty insurance, and others. This steady increase in insurance claims will have a direct impact on the reinsurance market. By purchasing reinsurance, insurance companies reduce the risk of insolvency. Furthermore, reinsurance increases the capacity of the insurance company to bear the financial weight of increasing clients.
Natural disaster has is driving the growth of reinsurance market
In the previous year, across the globe, the losses due to natural disasters accounted for more than USD 280 Billion. In Germany, the loss due to natural disasters was estimated to be more than USD 4.5 billion in the previous year. Out of these, less than 25% were insured. Due to such disasters, people are inclined more towards buying insurance to safeguard their property and health. Events like this may result in a spike in insurance claims. Market discipline has increased as a result of such events and has a direct impact on the reinsurance market.
Germany Reinsurance Industry Overview
The Germany Reinsurance Market is moderately fragmented in nature. Various key players are adopting creative and innovative strategies for expanding their market share and increasing their grip on the regional presence in the market. This adoption of new strategies has also resulted in the attraction of more customers and offering better value to them. Some of the key players in the market are Munich RE, AXA SA, RGA Insurance Company, General Re Corporation, and Lloyd's.
Germany Reinsurance Market Leaders
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Munich RE
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AXA SA
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RGA Insurance Company
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General Re Corporation
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Lloyd's
*Disclaimer: Major Players sorted in no particular order
Germany Reinsurance Market News
- July 2022: AXA Germany agreed to transfer a portfolio of around 900,000 conventional life and annuity insurance contracts worth Euro 19 Billion (20.5 USD billion) in assets under administration to Athora Germany for a purchase price of Euro 610 million (658.71 USD million).
- May 2022: Munich Re enhanced the acceptance of artificial intelligence (AI) with its new "CertAI" validation service. This helped the company to better cater to the clients and gain more market share.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 High Susceptibility for Natural Disasters
4.2.2 High Demand for Specialized Coverage in Insurance
4.3 Market Restraints
4.3.1 Exposuer to Cyber Risk Poses a Restraints for Reinsurers
4.4 Market Opportunities
4.4.1 Technological Advancements in the Market Acts as an Opprtunity
4.4.2 Partnerships and Collaborations in the Industry Acts as an Opprtunity to Gain Higher Market Share
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Buyers
4.6.2 Bargaining Power of Suppliers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on technology Innovation in the Market.
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Facultative Reinsurance
5.1.2 Treaty Reinsurance
5.2 By Application
5.2.1 Property & Casualty Reinsurance
5.2.2 Life & Health Reinsurance
5.3 By Distribution Channel
5.3.1 Direct
5.3.2 Broker
5.4 By Mode
5.4.1 Online
5.4.2 Offline
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Munich RE
6.2.2 AXA SA
6.2.3 RGA Reinsurance Company
6.2.4 General Re Corporation
6.2.5 Swiss Re
6.2.6 Lloyd's
6.2.7 MAPFRE
6.2.8 Hannover Re
6.2.9 Everest Re Group, Ltd.
6.2.10 Other Key Players*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Germany Reinsurance Industry Segmentation
Reinsurance is a practice where insurance companies transfer some portion of their risk portfolio to another party. These parties are called Reinsurers. The German reinsurance Market is segmented by Type (Facultative Reinsurance and treaty Reinsurance), by Application (Property & Casualty Reinsurance and Life and health Reinsurance), by Distribution Channel (Direct and broker), and by Mode (Online and offline). The report offers market size and forecasts for the Germany Reinsurance Market in value (USD) for all the above segments.
| By Type | |
| Facultative Reinsurance | |
| Treaty Reinsurance |
| By Application | |
| Property & Casualty Reinsurance | |
| Life & Health Reinsurance |
| By Distribution Channel | |
| Direct | |
| Broker |
| By Mode | |
| Online | |
| Offline |
Frequently Asked Questions
What is the current Germany Reinsurance Market size?
The Germany Reinsurance Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in Germany Reinsurance Market?
Munich RE, AXA SA, RGA Insurance Company, General Re Corporation and Lloyd's are the major companies operating in the Germany Reinsurance Market.
What years does this Germany Reinsurance Market cover?
The report covers the Germany Reinsurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Germany Reinsurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Germany Reinsurance Industry Report
Statistics for the 2024 Germany Reinsurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Germany Reinsurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
