Hamburg – September 08, 2026 -- Germany recorded 33 large corporate insolvencies among companies with annual revenue above €50 million in the first half of 2026, a 10% increase over the same period last year, according to credit insurer Allianz Trade. The figure extends a record run that saw 94 large insolvencies in Germany in 2025, itself up 8% from 87 cases in 2024 and the highest total since Allianz Trade began tracking large-scale corporate failures in 2015.
Automotive sector tops Germany's insolvency ranking with seven large failures
The automotive industry led sector-level insolvencies in H1 2026 with seven cases, ahead of retail (5), and machinery/engineering and services (4 each). "There is no breathing room for large insolvencies in 2026 either," said Milo Bogaerts, CEO of Allianz Trade in Germany, Austria and Switzerland. He noted that when a company of this scale fails, suppliers, service providers and other business partners are frequently pulled under financial pressure as well.
Cumulative revenue losses climb 3% to €4.5 billion despite smaller average case size
The combined annual revenue of insolvent large companies rose 3% to roughly €4.5 billion in H1 2026. The average revenue per insolvent company fell nearly 7% to about €137 million, indicating that somewhat smaller firms were affected, though Allianz Trade said the overall risk to suppliers and lenders remains substantial given the elevated case count.
Germany accounts for nearly one in three large Western European insolvencies over 12 months
Over the trailing four quarters, Allianz Trade logged 504 large insolvencies worldwide, with 325 occurring in Western Europe. Germany contributed 97 cases, roughly 30% of the Western European total, ahead of France (69), Italy (62) and the United Kingdom (45). Bogaerts said no sustained relief is expected through the rest of the year, with sectors carrying high investment and energy costs, along with companies lacking pricing power, remaining most exposed to financial distress.
Global large insolvencies rise 13% as Western Europe accounts for more than 60% of cases
Worldwide, Allianz Trade recorded 247 large insolvencies in H1 2026, up 13% year-on-year. Retail led globally with 59 cases, followed by services (38) and construction (33), all running well above their long-term historical averages. Maxime Lemerle, head of insolvency research at Allianz Trade, said Western Europe accounts for more than 60% of all globally recorded large insolvency cases, underscoring how fragile the recovery remains across European industrial sectors. He added that chemicals, automotive and machinery industries in Europe are increasingly showing insolvency counts above their historical benchmarks, alongside expected pressure in retail, services and construction.