Press release
Germany Accident Insurance Market Projected to Hit USD 33.31 Billion by 2034, Expanding at a CAGR of 3.1%
Polaris Market Research announces the release of its latest research report titled, "Germany Accident Insurance Market Size, Share, & Industry Analysis Report: By Insurance Type [Gross Written Premiums (GWP), Private, and New Business Premiums (NBP)], By Policy Type, and By Distribution Channel - Market Forecast, 2025-2034."
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The report examines the market for accident insurance in Germany to register a compound annual growth rate (CAGR) of 3.1% during 2025-2034. The market was valued at USD 24.70 billion in 2024 and is projected to grow to USD 33.31 billion by 2034.
Market Introduction
Accident insurance is an insurance type that offers financial assistance in the event of injury, disability, or death caused by an accident. It typically covers medical expenses, income replacement, and benefits for permanent disability or death. There are various types of accident insurance coverage, including accidental death, permanent total disablement, permanent partial disablement, temporary total disablement, and hospitalization and medical expenses. Accidental death insurance type pays a lump sum to the policyholder's beneficiaries in case of death due to an accident. Permanent total disablement provides a lump sum or regular payments if the policyholder is permanently and completely unable to work due to an accident.
Market Growth Drivers
Rising Elderly Population: German has one of the highest geriatric populations in Europe, and the number continues to rise. Aging increases the risk of injuries from falls or other accidents, resulting in increased demand for disability insurance in Germany. This demographic shift is fueling growth in both statutory accident insurance and private accident insurance in the country.
Strong Regulatory Framework and Mandatory Coverage: The German social insurance system needs all employees to be covered under statutory accident insurance. This legal structure ensures that workplace safety is handled efficiently, fueling consistent demand for accident insurance.
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Market Key Players
The Germany accident insurance market is witnessing a significant transformation. Major market participants are leveraging extensive research and development capabilities to garner a larger market share. A few of the key market players are:
Allianz SE
AXA Konzern AG
Debeka Krankenversicherungsvere A.G.
DKV
ERGO
Generali Deutschland
R+V Versicherung AG
Signal Iduna
Germany Accident Insurance Industry Development
In June 2022, German insurtech company Getsafe expanded its insurance portfolio into Austria, introducing digital insurance products such as liability, household, and dog owner liability coverage. The expansion was supported by Getsafe's own insurance license and delivered through its mobile-first, end-to-end digital platform.
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Market Segmentation
The Germany accident insurance market is segmented on the basis of insurance type, policy type, and distribution channel.
Based on insurance type, the gross written premiums segment is projected to register the fastest growth during the forecast period. This is primarily due to the growing demand for personalized and voluntary accident coverage. The increase in outdoor activities and the introduction of flexible policy options from private accident insurance providers also contribute to the segment's robust growth.
By policy type, the corporate policy segment led the market in 2024. Many companies in Germany provide accident insurance as part of employee benefit packages. The strong role of statutory accident insurance in the country further supports the demand for corporate plans.
By Insurance Type Outlook (Revenue USD Billion, 2020-2034)
Gross Written Premiums (GWP)
Private
New Business Premiums (NBP)
By Policy Type Outlook (Revenue USD Billion, 2020-2034)
Corporate Policy
Retail Policy
By Distribution Channel Outlook (Revenue USD Billion, 2020-2034)
Traditional Distribution Channels
Digital/ Online Distribution Channel
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