Trends in German Industrial Insurance –an inside out perspective

Large German industrial companies are worried about the efforts of the EU Commission to set up stricter rules for industrial insurance along the lines of consumer protection systems. This was one important conclusion to come from the roundtable discussion, to which StrategicRISK had invited well-known experts. These large consumers do not want to be ‘protected’ but can see only negative consequences in increased regulation.

The insurance industry also has to accept criticism. In particular the claims handling in D&O cover is being strongly criticised by insurance buyers and risk managers. But basically, it turned out that insurers and their large clients have worked out a functional relationship, professionals on both sides appreciate each other. The buyers welcome the downward price trend after they had to cope with many years of hefty price rises.

It is also clear that the big companies do not want to see a trend in the market where the number of providers on the insurance side will be even further decimated in the long run. They are looking for reliability, a high level of knowhow and the widest possible range of choice among providers.