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Research Outline

Prepared for Max S. | Delivered November 16, 2020

German Insurance Broker

Goals

To understand the dynamics and players in the German insurance broker market, specifically, those firms servicing corporate clients.

Early Findings

  •  Professional Liability, Health, Legal, Property, Worker's Compensation, Product Liability and Recall, Vehicle, and Business Interuption Insurance are the most common for Corporate clients; however, these vary by country.
  • About 78% of corporations have Risk coverage (asset protection) in Germany; 71% of companies in which production has been stopped for a significant period (Business Interuption Insurance) become insolvent within two years after a major event, i.e. fire- only 48% of all companies have the necessary insurance cover.
  • Legal insurance is carried by more than 68% of companies in Germany- in many cases, this insurance does not extend to protection in the case of public prosecution.
  •  Professional liability insurance exists to protect you from the consequences of causing damage to a third party in the course of a company's occupational activities - often confused with company liability insurance, which covers damage to persons and assets. Among German corporations, 95% now carry liability insurance to protect the company against claims for injuries to third parties and damage to their property.
  • In 2018, there were almost 7,000 insurance companies operating in Europe, with Germany and the United Kingdom having more than 400 hundred companies operating. Germany now has 528 operating insurance brokers. The Insurance Agents & Brokers in Germany industry statistics for 2019: Market size $1 billion with 8,605 businesses.
  • In the German insurance/reinsurance market, Allianz, ARAG, AXA (French owned, based in Cologne) , DKV, Generali Deutschland, Gothaer, Munich Re, ERGO (part of Munich Re ), and Talanx operate as large individual and corporate insurers.
  • Companies holding the largest market share in the Insurance Agents & Brokers industry in Germany include Aon Holding Deutschland GmbH, Funk Gruppe GmbH, Ecclesia Holding GmbH, Marsh GmbH, and Willis Towers Watson Versicherungsmakler GmbH.
  •  Statistics show the revenue of the 'insurance' industry in Germany by segment from 2012 to 2018 are forecasted at approximately $2.301,1 million by 2024.
  • For non-life insurance, Allianz Group had the highest turnover of any insurance company in Germany with approximately $151 billion (2017), and Munich Re ($59 billion) and HDI ($40 billion) finished in the top three insurance/reinsurance companies with turnovers.
  •  Aon Holding Deutschland GmbH has 1,189 total employees across all of its locations and generates $228.41 million in sales. Aon's revenue at the end of September 30, 2020, was $2.385B, a 0.25% increase year-over-year.- the twelve months end for September 30, 2020, was $10.986B, a 0.81% increase year-over-year. Over the 2016-2019 period, Aon's annual revenue for 2019 was $11.013B, a 2.26% increase, for 2018 was $10.77B, a 7.72% increase, and for 2017 was $9.998B, a 6.26% increase from 2016.
  • A google spreadsheet is provided to build the list of the top 5 (largest market share) insurance carriers in the German market that service Corporations.