Insurance Companies in Germany
Germany has a long-standing insurance industry, and the market has plenty of competition between various companies. It can be difficult to figure out who the best insurance companies in Germany are,
so we’ve compiled this list of the top 10 insurance companies in Germany to make things easier on you. Read on to learn more about these reliable and trustworthy organizations, and get tips on choosing an insurance provider that fits your needs.
1 Allianz SE
2 Munich Re Group
3 AXA Group
4 HDI Gerling Industrie Versicherung AG
5 Hannover Rückversicherung AG
6 Central Europe Holding GmbH (CEH)
7 Zurich Insurance Group Ltd.
8 Generali Deutschland Holding AG
9 Ergo Group Aktiengesellschaft
10 Deutsche Telekom AG
#1 Allianz SE
Allianz is one of Europe’s biggest insurance companies and is part of Germany’s blue-chip DAX 30 index. The company provides both life and non-life insurance products to around 90 million customers across 70 countries.
Allianz is a global leader in asset management and investment advisory services, with more than 1,400 investment professionals serving clients from over 100 offices worldwide. In 2014, Allianz generated gross premiums written of 128 billion euros ($161 billion).
#2 Munich Re Group
Munich Re Group is a global reinsurance company based in Munich, Germany. It is among one of Germany’s largest insurance companies and has more than 50 subsidiaries worldwide. Reinsurance protects insurers from heavy losses on policies written, which are too expensive for them to pay out if something were to happen.
One of Munich Re’s biggest competitors is Swiss-based AXA S.A., a multinational financial services conglomerate with over $111 billion worth of assets. Since Munich Re’s establishment over 150 years ago. It has developed into one of Europe’s most powerful and diversified insurance groups. With assets totaling more than $24 billion as reported by Forbes Magazine’s 2012. List of most valuable publicly traded companies around the world (Insurance).
#3 AXA Group
AXA is an insurance powerhouse. It has operations in more than 70 countries and provides insurance for nearly 98 million clients worldwide. The firm was founded in 1816 and currently offers more than 300 different types of insurance to its clients. AXA also owns 681 subsidiaries, which specialize in areas like reinsurance, financial planning, life insurance, annuities and banking.
Combined with its main company, AXA has more than $88 billion dollars worth of assets under management. Despite having more than 870 million customers worldwide, it only earned a profit of approximately $2 billion dollars last year—making it one of Germany’s smaller players on this list.
#4 HDI Gerling Industrie Versicherung AG
Headquartered in Kiel, Germany, HDI Gerling Industrie Versicherung AG is a subsidiary of HDI Gruppe. The company offers motor insurance, liability insurance and fire insurance. Additionally, it covers various risks like natural disasters and epidemic diseases.
In 2015, it had assets worth around 8 billion euros with total revenues of almost 1 billion euros. As of 2015, it has approximately 14 billion euros worth of liabilities under management. It has been awarded as one of Germany’s most sustainable companies by World Economic Forum (WEF).
#5 Hannover Rückversicherung AG
Founded in 1842, Hannover Re is one of Germany’s oldest insurance companies. It offers various products and services to both private and corporate clients. Hannover Re manages seven different funds with total assets of USD 1.3 trillion.
And a total equity portfolio worth USD 500 billion as of 2010. In 2009, it was ranked 27th on Forbes’ list of global leading companies. As of 2012, its revenue totals EUR 4.8 billion while its net profit reaches EUR 729 million.
#6 Central Europe Holding GmbH (CEH)
Germany-based Central Europe Holding is a leading provider of non-life insurance products and services in Central and Eastern Europe. The company offers insurance solutions to its customers via 1,100 points of sale located throughout Germany.
CEH owns around 40 insurance companies with more than 4,000 employees and a total premium income of almost 2 billion euros (2.2 billion USD). The company holds an A rating with Standard & Poor’s based on financial stability. And an A+ rating from Fitch Group’s Financial Institution Ratings team. It trades on Germany’s Xetra market under ticker symbol CEH.
#7 Zurich Insurance Group Ltd.
$17.9 billion (2012) Zurich Insurance Group Ltd. began as an insurance company and today remains Germany’s largest insurer, with a portfolio that includes motor, property and life insurance. Its core businesses include general insurance, life and health insurance, disability insurance and personal accident insurance.
The company is also involved in asset management, retail banking and reinsurance services across Europe. In addition to its German headquarters in Zurich, Switzerland, Zurich Insurance Group operates locations throughout Germany including offices in Berlin, Munich and Frankfurt am Main.
#8 Generali Deutschland Holding AG