Fitch Ratings: 2024 outlook for the German non-life market

Fitch Ratings is expecting a stable outlook for the German non-life insurance market in 2024.

The net combined ratio is forecast to be around 99% for the year 2024. The underwriting result would amount to 500 million EUR (541 million USD), a stable figure compared to 2023.

The turnover should increase by 6%. This growth would be driven by higher motor and property rates.

The rating agency is also expecting an improvement in investment income.

The stable outlook also reflects the German insurance companies' solid capitalization.