Today's SV Sparkassenversicherung goes back to the three Hessian fire insurance companies that were established in Kassel, Darmstadt and Wiesbaden in the second half of the 18th century on the initiative of the authorities.

The signing of the "Fürstlich-Nassau-Usingische Brand-Assecuranz-Ordnung" by Prince Friedrich August zu Nassau-Usingen on 17.01.1806 also marked the birth of the insurance industry in Wiesbaden. The establishment of fire insurance companies created the basis for regulated compensation in the event of fires for the first time. In return, the fire insurers were granted a monopoly in their regional areas. Another root of the later Sparkasse insurance companies was the Hessen-Nassau Lebensversicherungsanstalt, which was founded in Wiesbaden in 1913, followed by the Nassauische Landesversicherungsbank as a non-life insurer in 1924. In 1939, both became the Hessen-Nassau Versicherungsanstalt (HNV) based in Wiesbaden.

Since the end of the 1960s, there have been repeated calls for a reorganization of the public insurance system in Hesse. The focus was on the possible merger of the three fire insurance companies with the HNV in the event of the abolition of the fire insurance monopolies. This abolition had been looming since 1992. On July 1, 1994, the fire insurance monopolies were abolished due to EU legislation. The Hessian savings bank organization was expanded in 1992 to form the Sparkassen-Finanzgruppe Hessen-Thüringen. The three fire insurers set up a joint sales structure with Sparkassenversicherung.

On July 1, 1997, the three fire insurance companies and SV merged to form SV Sparkassenversicherungen Hessen-Nassau-Thüringen and Rheinland-Pfalz. This was followed by the merger with Sparkassenversicherung Baden-Württemberg on 01.01.2004.

Today, SV Sparkassenversicherung is the largest building insurer in Germany. Until 2004, it had its headquarters in Wiesbaden, after which it was relocated to Stuttgart.