DVS’ Mahnke calls for terror extension and promotion of risk management

An agreement reached between the insurance industry and the German government in 2002 to facilitate cover for terrorism expires at the end of 2015. Sources in the insurance industry and government expect the agreement to be extended. Speaking at the association’s annual symposium in Munich yesterday, DVS chairman and head of insurance at Siemens, Alexander Mahkne, voiced risk managers’ support for such a move. “Extremus is an important market player and a regulator in the market,” he said. “We would welcome an extension.” Fundamental to the programme is specialist insurer Extremus that belongs to 16 insurers including Allianz, Generali, Munich Re, AIG and Swiss Re. Extremus was formed as a result of the US terrorist attacks on 11 September, 2001, when many insurers wanted to exclude terror risks from general buildings insurance. However, Extremus has so far only won limited support from customers. In addition, other markets such as London offer comprehensive deals with global cover.hideThis year’s DVS symposium was again attended by a healthy 700 delegates and continues to grow. But Mr Mahnke admits he is worried about finding new blood for the industry given demographic changes. “The insurance industry is increas-ingly concerned about finding fresh talent,” he said. Both industrial companies and DVS must promote the risk management profession more proactively at universities, he said. The importance of the profession also needs to be stressed within companies themselves. “We need to think about the best way to transmit a positive image of our profession so we are understood and appreciated,” Mr Mahnke urged. At last year’s symposium, the DVS decided to reinforce its links with other associations such as the German Federation of Captive Insurance Intermediaries—Bundesverband firmenverbundener Versicherungsvermittler (bfv). This target was met, Mr Mahnke confirmed, noting that the two associations held their first joint general and committee meeting in April. He added this will be repeated in 2016. “We are not in competition with one another but complement each other,” Mr Mahnke said. Cooperation with the German Insurance Association (Gesamtverband der Deutschen Versicherungswirtschaft or GDV) has also improved, reported Mr Mahnke. The GDV’s Commission on International Business, which deals with industrial insurance, recently began operations in Munich. Its chairman is HDI-Gerling Industrie board member Stefan Sigulla who was Mr Mahnke’s predecessor at Siemens and a previous chairman of the DVS. DVS has also created a new Innovation Prize that will be awarded either to an academic study, new product, or advancement in the field of insurance and risk management that benefits German companies. The prize money is €60,000 and will be sponsored by the Funk Foundation, which is headed by Leberecht and Maritta Funk. The Funk family control the Funk broking house. “Both the Foundation and DVS view the Innovation Prize as a good means to encourage creativity and to generate interest,” Leberecht Funk said as the initiative was announced on stage yesterday. The prize, that both individuals and teams can compete for, will be awarded at next year’s DVS symposium.

DVS’ Mahnke calls for terror extension and promotion of risk management

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