The number of large corporate bankruptcies reached a new negative record in 2025. Worldwide, 475 companies with annual revenue of more than €50 million filed for insolvency—according to Allianz Trade’s analysis, this corresponds to an increase of 1% compared with 2024 (469 cases). Statistically, that meant every 18 hours a large company became insolvent.
Germany is among the main drivers of this development.
Germany at the highest level since the start of the analysis
In Germany, Allianz Trade recorded 94 major insolvencies in 2025—seven more than the previous year (87) and an increase of 8%. This marks the highest figure since data collection began in 2015.
“When it hits, it often hits hard. We have already seen sharply rising major insolvencies for four years, and in 2025 they reached the highest level since 2015—both worldwide and in Germany,” says Milo Bogaerts, CEO of Allianz Trade in Germany, Austria and Switzerland.
According to the analysis, Germany accounts for around 20% of all major insolvencies worldwide, making it one of the most important drivers of global momentum.
The timing is striking: in the first half of 2025, the situation initially appeared to ease slightly (30 cases after 39 in the same period the previous year). In the second half of the year, however, the picture changed markedly, with 64 major bankruptcies, including 37 in the fourth quarter alone. Globally, too, the final quarter, with 147 cases, was the strongest since the analysis began.
Industry structure: industry and services dominate
In Germany, 2025 primarily affected:
- Services (14 cases) – including 9 hospitals and care facilities
- Automotive industry (12 cases)
- Chemicals (11 cases)
- Metals (11 cases)
- Construction industry (10 cases)
- Retail (9 cases)
This industry mix is particularly relevant for transport and logistics companies. Automotive, chemicals, metals, and construction have traditionally been high-volume clients for freight forwarders, contract logistics providers, and specialised transport service providers.
Domino effect in supply chains: small suppliers particularly at risk
According to Allianz Trade, a key risk lies less in the number of cases itself than in the snowball effect along the supply chains.
“What is problematic about many major insolvencies is the potential domino effect on supply chains,” says Maxime Lemerle, Head of Insolvency Research at Allianz Trade. “Small companies in particular, with a strong dependency on a few large customers, are at risk here.”
Worldwide, the total revenue of insolvent large companies rose by 12% to €208 billion. The larger the insolvent companies, the higher the potential bad-debt losses for suppliers, logistics service providers, and subcontractors.
For smaller freight forwarders and carriers with high customer concentration, this means:
- rising default risks
- liquidity pressure due to outstanding receivables
- short-term loss of orders
- more difficult refinancing
In European road freight transport, with its many mid-sized businesses, this dependency is structurally pronounced.
Europe in focus: significant rise in total insolvencies
Not only have major insolvencies increased; the total number of corporate insolvencies also rose significantly.
Worldwide, the increase in 2025 was +6%, and in Germany it was as high as +11%.
In absolute case numbers, Europe leads:
- Switzerland: +3,400 cases
- Germany: +2,500 to a total of 24,300 cases
- Italy: +2,480 cases
- France: +2,330 cases
Particularly strong percentage increases were recorded in:
- Turkey (+57%)
- Hong Kong (+45%)
- Greece (+40%)
- Switzerland (+40%)
- Singapore (+27%)
Allianz Trade reports declines for India and Russia (each -24%), Canada (-23%), and the Netherlands (-16%).
For the European transport sector, the key point is: more insolvencies do not only mean less freight volume, but above all higher bad-debt losses and more volatile order situations.
2026: further increase, but with less momentum
For 2026, Allianz Trade experts expect a further global rise in insolvencies of around 3%—which would be the fifth consecutive year of growth. Additional risk factors cited include trade conflicts and tariff effects.
In Germany, case numbers in 2026 are likely to rise by about 1% to around 24,450 cases.
“In 2026, the momentum in the rise of corporate insolvencies is likely to ease somewhat,” says Bogaerts.
However, the experts do not expect a real turnaround until 2027. Then global case numbers could fall by -1%, and in Germany even by -6%. Nevertheless, insolvencies would remain at a historically high level.
