List of Insurance Companies in Germany – Health, Car, Life etc.

List Of Insurance Companies In Germany

List of Insurance Companies in Germany – This article is a look at the Insurance Sector in the country of Germany. We shall list out the insurance companies that are currently in operation in Germany, and then give an overview of the Insurance business as it operates in Germany. But first, let us give a breakdown of insurance itself as a business.
Insurance is a contract between a person and an organization in which the organization undertakes to cover a specified risk whether it may be imminent or a possible risk. That contract is called a policy, the person who buys the policy is called a policyholder, and the organization that promises to pay for the risk is the Insurance Company. We must not forget that the money the policyholder pays is called the Premium.

List of Insurance Companies in Germany

  • AXA XL Germany Insurance
    • Company Location: Kranhaus 1, Im Zollhafen 18, 50678 Köln Germany
      Company Phone: +49 221 16 887 0
      Fax Number: +49 221 16887 10
  • Allianz Insurance
    • Company Address: Fritz-Schäffer-Straße 9, 81737 München, Germany
      Company Phone: +49 89 203051000
      Company Website: https://www.allianz.com
  • Arag SE
    • Company Address: ARAG Platz 1 Dusseldorf, 40472 Germany.
      Company Phone: +49-211-963-3535
      Corporate headquarters: Düsseldorf, Germany
      Company Website: www.arag.com
  • Deutsche Afrika-Linien/John T. Essberger Group of Companies
    • Industry of specialization: Shipping, Maritime insurance
      Founded 1924
      Headquarters Hamburg, Germany
      Company Website: www.rantzau.de/
  • Ergo Insurance
    • Founded 1997
      Company Headquarters: Düsseldorf, Germany
      Parent/ Holding Company: Munich Re
      Company Website: www.ergo.com
  • Generali Deutschland
    • Company Headquarters: Munich, Germany
      Company Type: Public
      Industry of Specialization: General Insurance
      Company Founded: 1979
      Parent (Holding) Company: Assicurazioni Generali
      Company Website: www.generali-deutschland.de
  • Gothaer Insurance
    • Company Headquarters: Cologne, Germany
      Company Structure: Mutual insurance society
      Industry: General Insurance
      Company Founded: 2 July 1820
      Company Website: www.gothaer.de
  • Hamburger Freukesse Insurance
    • Headquarters Hamburg, Germany
      Industry of specialization: Property and Fire Insurance
      Company Founded: November 30, 1676
      Company Website: http://www.hamburger-feuerkasse.de/
  • Hannover Re
    • Company Headquarters: Hannover, Germany
      Company Structure: Societas Europaea (Cooperative Society)
      Industry: Financial services/ Reinsurance Services
      Company Established : 1966
      Company Website: www.hannover-re.com
List Of Insurance Companies In Germany
List Of Insurance Companies In Germany
  • Company Name: LV 1871
    • Company Headquarters: Munich, Germany
      Industry Primary insurers/ retirement savings, investments
      Founded 1871
      Company Website: www.lv1871.de/lv
  • Company Name: Munich Re
    • Founded 3 April 1880
      Germany Headquarters: Munich, Germany
      Industry of specialization: Reinsurance
      Company Website: www.MunichRe.com
  • Popsure
    • Industry: Advisory for Foreign Nationals in Germany
      Office Telephone: 0176-71229120
      Company Website: https://getpopsure.com
  • G. & J. E. Pinckernelle
    • Address: Reimerstwiete 18, 20457 Hamburg, Germany
      Company Phone: +49 40 3786720
      Industry of specialization: Financial services
      Company Founded: 1999
  • Signal Iduna
    • Headquarters: Address: Strobelallee 50, 44139 Dortmund, Germany
      Products Insurance, banking, investments, health insurance, car insurance, etc.
      Company Website: www.signal-iduna.com
  • Talanx
    • Company Address: ProACTIV-Platz 1, 40721 Hilden, Germany
      Company Phone: +49 2103 345100
      Company Website: https://www.talanx.com
  • VHV Group
    • Industry: Insurance, financial services: employee entitlements, retirement savings
      Company Headquarters: Hannover, Germany
      Company Website: https://www.vhv-gruppe.de/
  • Wüstenrot & Württembergische
    • Founded 1999
      Headquarters Stuttgart, Germany
      Products Insurance, banking, investments
      Company Website: www.ww-ag.com

Some Of The Types Of Insurance In Germany are:

Fire Insurance – In the case of fire insurance the insurance company (also called the insurer) undertakes to cover the cost of repair or replacement of the policy holder’s property that is damaged as a result of fire outbreak probably at his home or his business premises.

Motor Insurance – This is also called Car insurance, in this kind of insurance, the Insurance company undertakes to pay for the cost of repairs should any damage be done to the policy holder’s car.

Third-Party Motor Insurance – This is a kind of vehicle insurance in which the focus is not on the policy holder’s car or vehicle, but instead, on the pedestrians, or other drivers, who may sustain injury or damage to property as a result of the policy holder’s use of a motor vehicle.

Life Insurance – Perhaps more aptly described as death insurance, this is a kind of insurance policy in which the insurance company undertakes to pay a specified amount of money to the family members or any other nominated beneficiaries of the policy holder.

There are many other kinds of insurance, but we will stop here for now.

Please bear in mind that we are not in any way affiliated with any of the companies listed below. The information contained below is not investment advice. Please consult your solicitor, financial planner, or any other investment professional before doing business with anybody.

Overview of insurance in Germany

People of Germany take insurance quite seriously. There are many different forms of insurance which are offered by many different insurance companies, and they cover perhaps every risk you can think of. Because some kinds of insurance is mandatory by law (we shall to this later), it can sometimes lead to newcomers in the country either being under-insured or over-insured, because they cannot usually figure out how much insurance they need.

The German insurance sector is regulated by the agency known as the Federal Financial Supervisory Authority (BaFin) and most of the insurance companies belong to the German Insurance Association (Die Deutschen Versicherer – GDV), which is an umbrella body of the Insurance Stakeholders. The association has around 460 members, including, Brokers, agents, and other players in the Insurance Market.

Which Insurance In Germany Is Mandatory?

  • Health insurance

Health insurance (which is Krankenversicherung in German) is compulsory in Germany if you live or work there. There are options of public and private health insurance, both of which exist side by side.

You will be automatically covered by state health insurance ( called Gesetzliche Krankenversicherung – GKV) if you work in Germany and if you make between €4,950 and €59,400 a year before tax, the exception being if you are self-employed. GKV also usually includes nursing care insurance ( which is called Pflegepflichtversicherung). Employers in Germany are mandated to cover half of the health insurance costs (excluding the supplementary charge) and the maximum contribution is €323.03 a month for health care and another €56.42 a month for nursing care.

  • Family-Insurance Policy

Private health insurance (called private Krankenversicherung – PKV in Germany) is the option for those who are not entitled to the government’s GKV and also those who would prefer to take out a private plan due to convenience.

  • Work-Related Insurance

If you work in Germany, you will automatically pay towards a few additional forms of insurance besides health insurance, whether you know it or not. You do so through social security contributions ( which is called sozialversicherungsbeiträge). Some of the insurance policies you pay for are:

  • Unemployment insurance ( called Arbeitslosenversicherung)

In this policy, the payments are split between employer and employee. The purpose of this is to provide you with unemployment benefits if the day should come when you are out of work and meet certain criteria.

  • Statutory Pension Insurance ( called Rentenversicherung)

This is the German state pension. You and your employer make a joint payment into a bourse which is saved up for your retirement.

Statutory Accident Insurance ( called Gesetzliche Unfallversicherung in German)

This is completely paid by the employer and is intended to cover treatment costs for work-related accidents or illnesses that may occur to the worker.

  • Vehicle insurance

Car insurance ( which is called Kfz Versicherung or Autoversicherung in German) is mandatory for all drivers in Germany. By drivers, we do not mean only people who drive or operate cars or motor vehicles professionally for a living, but anybody who sits behind the steering wheel of a motor vehicle. You need to show proof of an up-to-date car insurance policy in order to register a car in Germany and so get a valid license plate. Car insurance in Germany is divided into these three types:

  • Third-party liability

(which is called Haftpflicht) – this is the minimum legal requirement, covering all damage to third parties (pedestrians and other vehicles) in the event of an accident. However, this policy doesn’t cover damage to your own vehicle if the accident occurred due to a fault or mistake on your part.

  • Partial Coverage

(which is called Teilkasko) – this kind of insurance covers third party liability including damages to your vehicle, which is caused by such things like theft attempts, damage as a result of fire, and also damage caused by a storm, etc..

  • Comprehensive Coverage

(Which is called Vollkasko) – This kind of insurance covers everything we have discussed above. That is damage to third parties, damage to your own vehicle as a result of theft or fire, and even damage to your vehicle, even in cases where the accident was as a result of a mistake or fault on the part of the policy holder.

In Germany, Insurance costs go higher in line with the amount of coverage you choose to get, and they also depend on several factors which include the age of applicant, driving experience, driving record and cost/ value of your vehicle to be insured.

Some insurance companies in Germany, similar to many other countries, operate something called a “no claims bonus” that system means that insurance costs reduce the longer you go without having an accident which makes you file a claim.

Interestingly, if you move to Germany and bring in a vehicle from abroad (your home country), you may still be able to use your existing insurance policy for a limited period of time (consult your insurer about this feature).

That’s all about List of Insurance Companies in Germany.

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Tag: german health insurance companies, List of Insurance Companies in Germany

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