Germany

On October 23, 2026 Munich Re published preliminary third-quarter net profit of about €1.7 billion, ahead of the €1.479 billion analyst consensus, lifted its full-year 2026 target from €6.3 billion to €6.6 billion, and said it will keep strengthening its balance sheet in the fourth quarter subject to major losses.

On October 9, 2026 Fitch changed the outlook on Hannover Re and its subsidiary E+S Rück to Positive from Stable and affirmed both at 'AA-', citing very strong capitalisation and earnings even as it expects softer conditions in 2026 and 2027; E+S Rück separately said on October 19 that demand for quality protection should stay strong at January 1.

PERILS raised its insured loss estimate for the July 13-19, 2026 severe convective storms named SCS Cerry to €2,806 million from €2,186 million; the event hit Germany, France, Switzerland and Italy with large hail, damaging winds and heavy rain, and CatIQ lifted its estimate for September's southern Ontario storms to C$671 million.

An analyst note signals property catastrophe rate cuts of 10-15% on January 1, 2027, while Munich Re's July renewals fell 5.5% and Hannover Re says it expects risk-adequate prices with terms broadly unchanged.

The government's autumn projection credits exports and state spending, while inflation hit 3.3% in September and employment is falling, leaving business groups warning that debt-financed support has a short shelf life.

The German Insurance Association says the low first-half bill reflects the absence of big winter storms, while flood-type losses doubled and the long-term average keeps rising.

The reinsurer says nearly 200 US verdicts of at least $10 million were recorded in 2025, up more than 40% from 2024, and that firms without a US headquarters can still be caught.

After CFO Andrew Buchanan said on July 22, 2026 that Munich Re was reviewing its P&C reinsurance revenue outlook, the group confirmed on August 7 that it expects €38 billion of reinsurance revenue and €62 billion of group revenue, down €2 billion each, while keeping its €6.3 billion net result guidance.

After reports in June that it had bid, Allianz Portugal agreed on July 30, 2026 to buy 100% of Caravela, a deal Bloomberg valued at about €150 million, which Allianz says will add 2.3 percentage points of market share, taking it to 6.4% on 2025 figures, subject to approval by ASF and the competition authority.

Allianz Commercial's Safety and Shipping Review 2026 says vessels and cargo worth about $125 billion were stuck in the Persian Gulf as of June 15, 2026, that it has received significant claims from the Iran war including potential total losses, and that marine insurers kept cover in place while the risk to crews and vessels was the binding constraint.

Allianz Research says global insurance premiums rose 7.1% to €6.9 trillion in 2025, adding €456 billion; health premiums jumped 12.3%, life rose 6.9% and P&C 3.8%, and it forecasts 5.3% annual growth over ten years with wider Asia adding more than North America and Western Europe combined.

BaFin's Circular 01/2026 (VA) on ransom insurance, reported on April 2, 2026, replaces a 1998 circular and confirms such cover is permissible if it respects public order and does not hinder law enforcement, with cyber-extortion cover now explicitly covered.

Allianz announced on March 12, 2026 that Tomas Kunzmann joins its Board of Management from January 1, 2027, Klaus-Peter Röhler retires at the end of 2026, and CFO Claire-Marie Coste-Lepoutre's mandate is extended to 2031.

On May 28, 2026 the Regional Court of Munich issued a temporary injunction treating Google's AI Overviews as Google's own content; Google said on June 11 it was reviewing the decision. Insurance Business draws lessons for insurers using generative AI.

Allianz Research says global premiums grew 7.1% in 2025, with health insurance expanding fastest since 2014 and property and casualty growth cooling, and projects about 5.3% a year growth to 2036, led by Asia.

An ECB illustrative stress test of a severe private credit shock found insurers faced the largest absolute impact and pension funds the largest losses against assets, while banks' losses stayed within 1.3% of equity; euro area insurers held about €211 billion of private credit, 2.3% of their assets, and the ESAs' September 2026 update says insurers' exposures are limited in aggregate but warrant attention.

The German regulator's survey of 179 primary insurers shows stand-alone cyber premiums growing about 13% in 2024 to roughly €807 million, with small and medium-sized firms a rising share and most insurers still not pricing accumulation risk.