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largest insurance broker Germany
Choosing the Right Partner: How to Find the Largest and Best Insurance Brokers in Germany
Finding the right insurance coverage can be complex. Discover how the largest insurance brokers in Germany operate and how to find the ideal partner for your protection. This article highlights key criteria and offers practical tips.
The topic in brief and concise terms
Insurance brokers operate independently and on behalf of the customer, not for a particular insurance company.
The largest insurance brokers in Germany are often distinguished by their extensive market knowledge and specialized advisory teams, who serve thousands of clients.
Key selection criteria include qualification, transparency, customer orientation, and a comprehensible advisory process with at least one detailed discussion.
Understanding Insurance Brokers: Independent Advice in Focus
An insurance broker acts as an independent expert and your trustee. Unlike insurance agents who offer products from a single company, a broker works on your behalf. Their main task is to find the optimal solution for you from a wide range of providers and tariffs, often from over one hundred companies; an important consideration when you are thinking about which insurance one needs. In Germany, there were over forty-six thousand registered insurance brokers by the end of two thousand nineteen.
The largest insurance brokers in Germany often have a broad market overview and specialised departments. Some serve numerous clients at many locations with over fifteen hundred employees. Their size often enables access to exclusive terms or special coverage concepts. Independence is a crucial factor for tailored advice, which is valued by nine out of ten clients. This structure paves the way for an individual needs analysis.
Finding the Right Agent: Criteria for Your Decision
Selecting the right insurance broker requires care and some consideration. Look for verifiable qualifications and a transparent working method from the broker. A good broker will take the time to thoroughly analyse your individual situation and needs, often in an initial meeting of at least one hour. They will not immediately present a one-size-fits-all solution but will develop tailored proposals, which is particularly important if you are considering whether to change old insurance contracts.
An important quality feature is customer orientation, which is also reflected in positive reviews. Ask about the number of insurance companies the broker works with; on average, it is sixty to seventy. The creation of an advisory protocol is required by law and serves your protection. This document records your wishes and the broker's recommendations. Careful selection leads to a trusting and long-term partnership.
Here are some steps to select the right insurance broker:
Check the broker's initial information for status and registration (often found in the website's imprint).
Get recommendations from friends or family who have already had good experiences.
Look for a professional online presence and transparent communication about services.
In the initial conversation, ask questions about the working method, specialisation, and costs or remuneration (usually commission).
Do not feel pressured; good advice requires time for your decision.
These criteria will help you identify a competent partner who represents your interests. Next, we take a closer look at the legal framework conditions.
Optimally leverage legal frameworks and expert knowledge
Insurance brokers are subject to clear legal regulations that protect your rights as a customer. The Insurance Contract Act (VVG) and the Trade Regulation Act (§ 34d GewO) form the legal basis. Brokers must prove they have professional indemnity insurance with sufficient coverage. They are obliged to document their advice comprehensively (§ 66 VVG). This ensures your safety and traceability.
A ruling by the Federal Court of Justice (BGH) on 22nd May 1985 (reference: IVa ZR 190/83) confirms the broker's role as the client's trustee. This means they must represent your interests to the best of their ability. Make sure the broker clearly presents the reasons for their recommendations to you. This is a sign of professional conduct. Knowing these basics strengthens your position.
Our expert tip: Clarify in advance whether the broker specialises in certain niches that are relevant to you. This can include, for example, health and care or cyber insurance. Such specialisation can provide significant added value as the broker has deeper product knowledge and market insight in this area. Also, ask about the handling in case of a claim; a good broker actively supports you in dealing with the insurer. This proactive approach often distinguishes the very good brokers from the merely good ones.
Digital Tools and Niche Focus: Modern Brokerage Services
Digitalisation is also changing the work of Germany's largest insurance brokers. Many offer online consultations and digital contract management, which increases accessibility and efficiency for around eighty percent of digitally-minded customers. This facilitates quick access to your documents, such as the insurance policy, and straightforward communication. Nevertheless, personal advice often remains essential for complex issues, which account for around thirty percent of cases.
Some brokers focus strongly on niche products to stand out from the crowd. This can be advantageous if you want to insure special risks, for example in the area of automotive and mobility or for rare hobbies with a value of over ten thousand euros. A specialised broker often knows the specific pitfalls and best providers for these niches better than a generalist. For example, nextsure focuses on digital niche insurances and thus offers tailor-made solutions. The combination of digital efficiency and professional specialisation is a growing trend that over twenty percent of brokers are already following.
Realising financial benefits through independent broker advice
Working with an independent insurance broker can also have financial benefits. With their broad market overview, a broker often finds plans with a better price-performance ratio than if you were to make a direct enquiry with just one company. This can lead to savings of several hundred euros over the years, often up to five hundred euros annually for families. Additionally, a broker can help identify duplicate insurance and avoid unnecessary costs.
Some insurances are tax-deductible, which can reduce your annual tax burden by a certain percentage. An experienced broker can point out these opportunities and assist you in compiling the necessary documentation for the tax return and deductible insurance. Optimising your insurance coverage is therefore not just a matter of security, but also of financial efficiency. The right advice can be worth up to three months' premiums per year in cash savings. This financial perspective completes the picture of the broker.
Request your personal risk analysis now: Have your insurance situation reviewed for free and receive specific optimisation suggestions.
More useful links
Verbraucherzentrale Bundesverband offers a ruling that clarifies when insurance brokers can describe themselves as independent.
Statistisches Bundesamt provides structural data on financial and insurance services.
Statistisches Bundesamt informs in a press release about the number of insurance intermediaries in Germany.
Gesamtverband der Deutschen Versicherungswirtschaft offers an overview of statistics on the German insurance industry.
Gesamtverband der Deutschen Versicherungswirtschaft provides facts and figures on the German insurance industry for 2024 as a PDF.
Gesamtverband der Deutschen Versicherungswirtschaft delivers information on the shares of distribution channels in new business in the insurance industry.
FAQ
What tasks does an insurance broker undertake for me?
An insurance broker analyses your insurance needs (often based on five to ten criteria), compares offers, arranges suitable contracts, manages them, and supports you in the event of a claim.
Am I legally protected as a client when working with an insurance broker?
Yes, insurance brokers are liable for advisory errors and must provide proof of professional liability insurance (often with coverage of over one million euros). Furthermore, they are legally required to document the advice given.
How often should I review my insurance cover with the broker?
A review is recommended in the event of major life changes (e.g. marriage, job change, property purchase) or at least every two to three years to ensure your cover remains current.
Can an insurance broker also assist with specialised insurances like cyber insurance?
Yes, many brokers, particularly those with specialisations or who are among the largest insurance brokers in Germany, also offer advice and arrangement for niche products like cyber insurance. Nextsure is an example of a provider focused on digital niche insurances with over ten special tariffs.
Will I incur additional costs by engaging an insurance broker?
Generally not. The broker's remuneration is through a commission already included in the insurance premium, typically between five and fifteen percent. For purely advisory services without conclusion, a fee may occasionally apply, but this must be agreed in advance.
What happens if my insurance broker ceases their activities?
In such a case, which occurs with less than five percent of brokers annually, your contract is usually managed by another broker or directly by the insurance company. You also have the option to choose a new broker yourself.
