The Association is optimistic about the future and expects stable premium growth in the current business year 2025. "Insurers are assuming that they will achieve a 5% increase in premiums this year to a total of EUR 250 billion in all segments", said GDV President Norbert Rollinger at the annual press conference.
“The sector has left behind three difficult years with very rapid interest rate increases and high uncertainty", says Rollinger. "It seems that the lowest point has now been overcome. That is an encouraging forecast", he added.
In 2024, German insurance market recorded GWP growth of 5.3%, reaching EUR 238 billion.
According to GDV's forecast, life insurance premiums should grow by 1.3% this year, reaching almost EUR 96 billion. "Rising wages, falling inflation rates and the current development of interest rates could have a positive effect", believes GDV CEO Jörg Asmussen. The key growth driver is likely to be the single premium business, with an increase of 4.8%.
In 2024, life insurers recorded GWP growth of 2.6%, reaching around EUR 94 billion. Single premium business grew by around 10% y-o-y. On the other hand, life insurers recorded a 0.2% decrease in regular premiums.
For damage and accident insurance, GDV expects GWP to grow by 7.5% in 2025, reaching EUR 99 billion. "The effect of inflation from previous years has now moderated significantly", Rollinger said. "However, we again expect double-digit growth in motor insurance, which will affect the overall growth of the sector", he added.
In 2024, the entire property and casualty segment grew by 7.8%, reaching around EUR 92 billion, which is the result of inflationary trends from previous years. Paid claims grew slower than GWP last year. Thus, the technical result in property and casualty insurance improved slightly, with a profit of around EUR 1.9 billion.
For private health insurance, the Association forecasts a GWP growth of 7.5% reaching the amount of EUR 56 billion in the current year. In 2024, private health insurers collected almost EUR 52 billion, which represents a growth of 6.3%, the source writes.
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