September 23, 2022: Last year, German insurers expanded their contract book by more than two percent to almost 465 million. While things got worse again in the life line, things went up again in property/casualty and private health insurance. Motor vehicle civil liability insurance tops the list of the most contracted insurance policies, followed by general civil liability insurance and annuity and pension insurance.
The portfolio of insurance contracts of insurers organized in the German Insurance Association (GDV) amounted to 464.8 million last year. According to preliminary figures, the increase was 2.3 percent according to the “Pocket Statistical Book of the Insurance Industry 2022”, which was published for the first time in a purely digital form at the beginning of September.
Property/casualty insurance accounted for 340.8 million contracts (up 2.6 percent) and private health insurance (PKV) 37.1 million policies (up 2.6 percent). The life insurance portfolio (including pension funds) amounted to 86.9 million contracts at the end of the year (-0.8 percent).
Maue’s new business in life
The drop in the life segment was supported, among other things, by one of the weakest newcomers for many years. Last year this amounted to around 4.86 million new primary insurance policies (plus 4.5 per cent). This is demonstrated by the GDV brochure published at the end of June “German life insurance in figures 2021” (VersicherungsJournal 30.6.2022).
In particular, the portfolio of endowment policies (August 19, 2022) and classic annuity and pension insurance were reduced. On the contrary, the mixed modalities with guarantees and fund policies experienced significant increases (August 24, 2022). They also raised the disability insurance (August 29, 2022), as well as the provision for Riester (August 5, 2022) and Rürup (July 29, 2022).
The most common insurance policies
Motor vehicle liability insurance continues to be at the top of the most frequently purchased insurance policies. This is not surprising, since it is compulsory insurance. Last year, the portfolio grew 1.9 percent to about 69 million risks.
This is followed by general liability insurance (down 1.3 percent to around 48.1 million). Statistics from the insurance association do not show how contracts are divided between private and commercial client businesses.
Life Annuities and Pensions Insurance consolidated third place
Annuity and pension insurance once again ranked third with around 41.3 million contracts (plus 2.0 percent). The all-risk motor vehicle insurance segment continues to rank fourth with 32.5 million units (+2.5 percent).
Fifth place is occupied by protective coverage insurance, whose portfolio grew by 1.3 percent to 28.6 million policies. This is followed by foreign travel health insurance (down 1.7 percent) and home contents insurance (up 1.3 percent) with more than 27 million each.
In portfolios of more than 20 million items, there are also private accidents (minus 1.1 percent), legal protection (plus 1.3 percent), life endowment (minus around six percent) and comprehensive insurance. partial (plus 2.0 percent).
Due to a change in the population, the GDV has given partially adjusted exchange rates for 2021 and also for 2020. This is also the reason for any deviation from previous publications in the insurance magazine.