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Munich – Millions of motorists will benefit this year from the fierce price war in the insurance sector. According to market research conducted by the Check24 and Verivox comparison portals, for the first time in years, new motor vehicle liability policies have become cheaper.
As brokers, both companies distribute a significant portion of new business through their websites. Each year on November 30, the usual notice period for auto insurance policies ends. Anyone who sees himself sending a price increase by his insurer in the house has another month. Portals and insurers are therefore launching expensive advertising campaigns in the fall.
According to Verivox, new car insurance deals with the cheapest providers in November were on average 3% cheaper than a year ago. Check24 even reports a drop of five percent. The exchanges this year are "rather animated," said a spokesman for HUK Coburg. The alliance states: "We find that competition has intensified".
This is not surprising: the two market leaders are important competitors. HUK has been a leader in the field of automatic policy for several years. At the end of last year, Coburg had 11.6 million insured vehicles, significantly ahead of the Alliance and its 8.5 million vehicles. But the Munich do not want to settle for second place. The largest insurance company in Europe has been offering for a year a new auto insurance policy, which should be simpler and more understandable.
Allianz also sells its motor vehicle contracts through Verivox since this year, where only its online affiliate Allsecur was represented. Because distribution via portals is not cheap for insurers because they have to pay brokerage fees. For this reason, the HUK stands apart from the portals.
Besides the two best dogs, other competitors are also very involved. These include Cosmos Direkt, belonging to the Italian group Generali, and the French company Axa, as well as ADAC. According to a study by the Nielsen Market Research Institute, television advertising expenses for eight insurers in October rise to nearly 20 million euros.
Previously, auto insurance prices for years knew only one direction: on the rise. The latest price drop in the industry – new contracts and existing contracts added – has occurred in 2010, as shown by data from the Insurance Industries Association (GOL). .
The current development shows with what bandages the insurers compete for a share of the market. Because the lowest prices inexorably increase costs. Car manufacturers are increasing the price of spare parts vigorously every year, even in cars more and more expensive electronics are installed. At the beginning of the year, virtually no one in the industry was expecting a price cut.
Hannover Re, the largest reinsurer of auto insurance contracts in Germany, has a good overview. Because every primary insurance company needs a reinsurer to guard against the risks and contingencies of fate. Forecasts for this year are more satisfactory for car owners than for insurance companies. The Hanoverians prophesied in October that premiums would stagnate next year, including existing contracts.
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Copyright © dpa – German Press Agency 2018
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