German industrial insurance buyers are in confident mood as preparations begin in earnest for the annual insurance renewals according to Commercial Risk Europe’s survey of DVS members carried out shortly before this week’s annual symposium in Munich.
Commercial insurers and analysts agree that the soft market that German industrial insurance buyers have enjoyed for so long looks set to continue, despite combined ratios that are nudging 100%, because the insurers are still making profits and competition remains high.
Adrian Ladbury met Jens Wohlthat, member of the board responsible for International Operations at HDI-Gerling, and asked him about the state of the industrial risk market in Europe, emerging risks and how the Hannover based group plans to continue its ambitous growth plans without threatening its expense ratio and profitability.
The apparent inability of the industrial insurance market to react to so-called emerging risks with innovative new covers was a hot topic of debate at last month’s annual general meeting of the DVS, the German insurance buyers’ association, in Bonn last week.
HDI-Gerling Industrial Insurance Company U.K. has announced the formation of two new business divisions together with the creation of a new regional structure ahead of AIRMIC’s conference, which will be held in Manchester from the 14th to the 16th of June.
A new law soon to be introduced in Germany has forced board members to look again at their directors’ & officers’ (D&O) insurance cover, and standalone D&O coverage appears to be the best solution.
The apparent inability of the industrial insurance market to react to so-called emerging risks with innovative new covers was a hot topic of debate at this year’s annual general meeting of the DVS, the German insurance buyers’ association, in Bonn last week.
Sven Kado, Chairman of Marsh Germany, has taken over as interim Chief Executive Officer of the Frankfurt-based arm of the broker following the departure of former CEO Felix Hufeld.
Winter storm Xynthia will probably cost insurers between €1.5bn and €3bn for losses incurred in France, Germany, Belgium and the Netherlands according to catastrophe modelling firm AIR.
The European Commission has authorised the German Land of Saxony to grant aid of up to 80% to farmers for damages caused by wolves that were recently re-introduced into the region.