DVS to place itself at centre of insurance market debates

“It is important that our side of the market be regarded as an opinion leader,” Alexander Mahnke, Siemens’ Chief Insurance Risk Manager and new chairman of DVS, announced when he was elected to the DVS post in May. There are three core areas in which the DVS is seeking to concentrate its efforts in the years to come: more lobbying on insurance risk managers’ interests at national and international level, closer cooperation with other organisations like the German captive brokers’ association Bundesverband firmenverbundener Versicherungsvermittler und–gesellschaften (bvf) and increased transparency and efficiency within DVS. According to Mr Mahnke, DVS has already made progress on these issues, perhaps most obviously in its work on transparency via the creation of a new homepage that is easier to navigate and contains more information on the association.hide“The new homepage shows the direction in which we are heading. We want to explain in more detail who we are, what we do and what are the most important issues for our members,” Mr Mahnke told Commercial Risk Europe. He believes that better explanation of what insurance risk managers do and the value that industrial insurance can create for a company is an important part of DVS’ lobbying efforts. When it comes to lobbying, cooperation between DVS and organisations like bvf and the German industrial sector’s umbrella organisation Bundesverband der Deutschen Industrie (BDI) is an important issue. “We want to discuss areas of common interest and coordinate our actions more closely than in the past,” Mr Mahnke explained. “It is important to determine who addresses which issue in public.” Better coordination makes good sense given that bvf members and members of the BDI’s insurance working group are in most cases also members of DVS. Closer ties will help to avoid unnecessary duplication of work. For example, bvf and DVS have worked together on a terrorism risk and terrorism insurance white paper. “We have published this paper together because it is interesting for the members of both associations,” said Mr Mahnke. “It makes no sense for each organisation to write its own paper on terrorism.” In addition, DVS wants to address important topics in industrial insurance more actively in the future. At the moment, cyber risk and cyber insurance is by far the most discussed topic in German industrial insurance. While some experts believe every company should have cyber insurance in place others argue that cyber risk is overrated and the solutions on offer inadequate. Mr Mahnke takes a more moderate view. “One cannot say up-front that every company needs cyber insurance,” he said. “It is like in traditional industrial insurance. I cannot argue that everybody needs a liability policy with extended product liability.” First and foremost, cyber and IT security is a risk management issue, he said. “Each company has to address this under the risk angle,” Mr Mahnke explained. Companies have to analyse if they are exposed to cyber risks, where these risks are located and how to deal with them. “Only when a company knows its cyber risks and what is covered under existing policies can it seriously answer the question as to whether or not it needs standalone cyber cover,” said Mr Mahnke.

DVS to place itself at centre of insurance market debates

Want to read this article?

Read Next

Over 50% of exporters considering moving supply chains due to geopolitical risk

Quarter of public companies using GRI’s Tax Standard

New carbon capture and storage insurance product from Aon

Nordics come top in global cyber security poll

EU strengthens CO2 emission standards for heavy-duty vehicles

Over 50% of exporters considering moving supply chains due to geopolitical risk

Quarter of public companies using GRI’s Tax Standard

New carbon capture and storage insurance product from Aon

Nordics come top in global cyber security poll

EU strengthens CO2 emission standards for heavy-duty vehicles

Want to read this article?

Read Next

Over 50% of exporters considering moving supply chains due to geopolitical risk

Quarter of public companies using GRI’s Tax Standard

New carbon capture and storage insurance product from Aon

Nordics come top in global cyber security poll

EU strengthens CO2 emission standards for heavy-duty vehicles

Related Articles