German Large Insolvencies Rise 10% in H1 2026: Allianz Trade Data

The number of large German insolvencies continued to climb in the first half of 2026, according to data released by Allianz Trade, the credit insurance arm of Allianz SE. A total of 33 companies with annual revenues of at least €50 million entered insolvency proceedings during the period, representing a 10% increase compared to the same period in 2025.

This increase extends a concerning trend, with 2025 already recording the highest number of large insolvencies – 94 – since Allianz Trade began tracking this data in 2015. Prior to 2025, the count stood at 87 in 2024 and 64 in 2023. Allianz Trade’s head of Germany, Austria, and Switzerland, Milo Bogaerts, stated there is “no respite” from large insolvencies expected in 2026. The ongoing difficulties reflect sustained adjustment pressures across numerous industries, with large companies often central to complex supply chains; the failure of a large entity can create cascading financial stress for suppliers and partners.

The automotive sector experienced the highest number of large insolvencies in the first half of 2026, with seven cases. The retail sector, along with mechanical engineering and services, followed with five, four, and four cases respectively. The total cumulative annual revenue of these insolvent large companies rose by 3% to €4.5 billion. While overall revenue increased, the average revenue of insolvent companies decreased slightly, falling nearly 7% to approximately €137 million, suggesting that somewhat smaller enterprises were involved in the recent wave of insolvencies.

Allianz Trade anticipates this trend will persist throughout 2026, with a continued high level of large insolvencies. Bogaerts identified high investment and energy costs, along with limited pricing power, as key factors contributing to financial distress. Globally, the situation is similar, with 247 large insolvencies recorded in the first half of the year, a 13% increase year-on-year, with retail, services, and construction sectors particularly affected. West Europe remains the most affected region, accounting for over 60% of these cases.

The rise in large German insolvencies highlights increasing economic pressure on businesses, particularly those in cyclical or cost-sensitive sectors. The data suggests a weakening economic environment and a heightened risk of corporate defaults, a trend visible both within Germany and internationally, and which is likely to continue weighing on economic activity in the near term.