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Combined ratio

The ratio of net claims incurred and operating expenses to net insurance revenue in primary insurance.

Unit Percent Industry Insurance

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Records
4
Regions
2
Period
2024–2025
Sources
1
Verification 4 verified data points Updated 15 Sep 2026 Last verified 15 Sep 2026 Next update Sources typically refresh quarterly

The chart

Across regions

2 regions on one axis, spaced by time. Below it, the latest value of every region, ranked. Forecasts are dashed with hollow markers; the underlying values are one click away under the chart.

Combined ratio by region

2 regions, Q4 2024 to Q4 2025

2 regions · 4 observations · Q4 2024 to Q4 2025
Combined ratio by regionCombined ratio by region. 2 regions on one axis: Global, Germany. 4 observations from Q4 2024 to Q4 2025, ranging from 86.8% to 92.4%. Latest values: Global 92.4% (Q4 2025); Germany 89.1% (Q4 2025). % 0 20 40 60 80 100 2025 92% 89% Global Germany
Combined ratio by regionCombined ratio by region. 2 regions on one axis: Global, Germany. 4 observations from Q4 2024 to Q4 2025, ranging from 86.8% to 92.4%. Latest values: Global 92.4% (Q4 2025); Germany 89.1% (Q4 2025). % 0 30 60 90 120 2025 92% 89% Global Germany
Combined ratio by regionCombined ratio by region. 2 regions on one axis: Global, Germany. 4 observations from Q4 2024 to Q4 2025, ranging from 86.8% to 92.4%. Latest values: Global 92.4% (Q4 2025); Germany 89.1% (Q4 2025). % 0 30 60 90 120 2025 92% 89% Global Germany
View the underlying data
Combined ratio by region
Region Period Type Value
Global Q4 2025 Actual 92.4%
Global Q4 2024 Actual 90.3%
Germany Q4 2025 Actual 89.1%
Germany Q4 2024 Actual 86.8%
Source: Munich Re · CC BY 4.0 · statorigin.org
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<p><a href="https://statorigin.org/indicators/combined-ratio">Combined ratio by region</a> — data from StatOrigin, CC BY 4.0</p>
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Combined ratio by region

Latest value per region, Q4 2025

2 entries · ranked
Combined ratio by regionCombined ratio by region. 2 categories, highest is Global at 92.4%. Germany Global 89.1% 92.4%
Combined ratio by regionCombined ratio by region. 2 categories, highest is Global at 92.4%. Germany Global 89.1% 92.4%
Combined ratio by regionCombined ratio by region. 2 categories, highest is Global at 92.4%. Germany Global 89.1% 92.4%
View the underlying data
Combined ratio by region
Category Source Type Value
Global Munich Re Actual 92.4%
Germany Munich Re Actual 89.1%
Source: Munich Re · CC BY 4.0 · statorigin.org
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Free to embed, including commercially. The attribution bar is part of the chart; it is what keeps the data citable. 

<iframe src="https://statorigin.org/embed/insurance--combined-ratio--by-region" width="100%" height="380" style="border:1px solid #e2e5e3;border-radius:8px" title="Combined ratio by region" loading="lazy"></iframe>
<p><a href="https://statorigin.org/indicators/combined-ratio">Combined ratio by region</a> — data from StatOrigin, CC BY 4.0</p>
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Every record

All records

4 records · 2 regions · 2024–2025

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Combined ratio: every record, grouped by region, newest first.
Period Value Source Type
Global 2 records
Q4 2025 92.4% Munich Re · 26 Feb 2026 actual
Q4 2024 90.3% Munich Re · 26 Feb 2026 actual
Germany 2 records
Q4 2025 89.1% Munich Re · 26 Feb 2026 actual
Q4 2024 86.8% Munich Re · 26 Feb 2026 actual

Primary documents

Sources

1 document. Each links to the publisher's own copy.

Document Publisher Published Data points
Munich Re surpasses profit guidance for a fifth consecutive year, achieving every target of its Ambition 2025 strategy programme Munich Re 26 Feb 2026 4

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Data on this page is published under CC BY 4.0. You may reuse it, including commercially, provided you attribute it. To cite one figure, open its record: each carries APA, MLA, Chicago and BibTeX forms that credit the original publisher.

StatOrigin. (2026). Combined ratio. Retrieved from https://statorigin.org/indicators/combined-ratio

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