Europe’s Leading Neo-Insurer Getsafe Reports Profitability and Strong Growth

In the first half of 2024, Getsafe’s own insurance carrier became profitable for the first time. Driven by a low loss ratio and a solid underwriting result, a positive mid-six-figure net result was achieved. The gross loss ratio for the first half of the year was 63%, with a combined ratio of 98%.

On a group level, Getsafe has also significantly improved its profitability and expects to break even by 2025. Following mid-eight-figure losses in 2022, the company plans for a low seven-figure loss in 2024. This success is primarily due to a high level of automation in customer service and claims handling, as well as strong growth in premium income.

Getsafe was able to increase its recurring premium income to around 50 million Euros, of which approximately 25 million Euros are attributed to its own insurance carrier (December 2022: 6.5 million Euros; December 2023: 21.0 million Euros). The other half comes from its brokerage and MGA business. Notably, Getsafe has experienced substantial growth in life and health insurance, issuing policies worth 400 million Euros over the past two years. Today, Getsafe serves over half a million customers in Germany, Austria, and France.

According to Christian Wiens, founder and CEO of Getsafe, the company’s growth is driven particularly by direct acquisition and organic cross-selling. This is based on Getsafe’s market-leading app engagement – one-third of its young, digitally-savvy customers use it monthly. Additionally, one in five customers comes through word of mouth.

The positive financial metrics are part of a series of successful developments at Getsafe. In winter 2023, the company acquired a provider of digital student loans, deineStudienfinanzierung. Prior to that, Getsafe purchased the German customer base of Luko Insurance. Simultaneously, Getsafe is now focusing more on the core market of Germany and has sold its UK insurance subsidiary. This decision allows the company to eliminate duplicate structures required due to the lack of Freedom of Service between the European Union and the United Kingdom following Brexit.

Going forward, Getsafe aims to leverage its technology and customer engagement to emphasize prevention and reward customers for actively reducing risks. Additionally, Getsafe plans to further expand its business in life and health insurance. Christian Wiens emphasizes: “Our focus on digital solutions and automation has paid off. We are proud to solidify our position as the leading insurtech in Europe and accelerate our profitable growth.”

ABOUT GETSAFE

Getsafe’s mission is to empower individuals and families to take control of their futures by making informed life decisions and protecting what matters most to them.

Getsafe challenges the traditional insurance industry with its digital platform, driven by the vision of delivering easily accessible and tailor-made insurance solutions directly to smartphones. Expanding beyond conventional insurance models, Getsafe has diversified its offerings to include Property & Casualty, Life, and Health coverage on a single, connected platform. With the introduction of features like family accounts, instant claims, AI-based advisory tools, and experts on demand, Getsafe enables customers to proactively manage their risks and protect their assets and health.

In 2021, Getsafe received its insurance license from Germany’s financial regulator, BaFin. Today, the company is a leading insurance brand among Gen Z and Millennials, insuring more than half a million people across Germany, Austria, and France. With €120 million in venture capital funding and the support of leading investors, Getsafe is on track to become Europe’s next-generation insurer.

Learn more about Getsafe on our website or on ​LinkedIn​.

PRESS CONTACT

Hendrik Diler
Tel.: +49 (0) 1515 1297427
E-Mail: [email protected]