October 28, 2020 – For organized corporate customers, the situation has not improved since the symposium in September. This emerges from the speech by GVNW CEO Dr. Alexander Mahnke at the general meeting. There are still problems with renovation, credit and business closure insurance. In addition, the association announced some personnel changes.
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For some time now, industrial insurers have been trying to get their deficits under control with intensified restructuring. In doing so, they follow the statements made by the Chairman of the General Association of the Insurance-Taking Industry (GVNW), Dr. Alexander Mahnke, very rude.
Industrial insurance is becoming significantly more expensive
- Alexander Mahnke (archive photo: Schmidt-Kasparek)
After two months of waiting for the renewal offer, a GVNW member only received verbal information in mid-October that only a third of the capacity would be offered and the premium would be increased by 85 percent. This corporate customer has a loss rate of 25 percent, reported the board.
In the case of another member, the consortium insurer terminated its shares from the D&O deductible insurance at very short notice and without consulting the consortium leaders. This was done directly to the individual insured board members and, above all, without any reference to the responsible company-affiliated brokers. The association hears this almost every day, says Mahnke.
“For us, however, such behavior has nothing to do with a sense of proportion!” Criticized the head of the association and recalled the results of a survey among GVNW members on the current round of renewals (VersicherungsJournal 4/4/2020). Among other things, the policyholders expressed their dissatisfaction with poor or late communication.
GVNW: The insurers did not receive any criticism
The criticism “did not reach many insurers”. For the association, such behavior is “not acceptable”.
It damages the reputation of the entire industry. “I can therefore only urgently warn against carrying out redevelopments with too much brutality and, above all, without sufficient, clearly communicated justifications and the possibility of negotiating all available options,” continues Mahnke.
Otherwise one will no longer believe the partnership with mutual respect and trust, which both sides have repeatedly emphasized. In the statements on the business closure insurance (BVS) it was clearer than in September.
According to the last court rulings in favor of policyholders, “the prejudice seems to be confirmed that many insurers do not want to pay in the event of a claim”. This means that “in the future (once again) the usefulness of insurance in general and the reputation of the insurance industry in particular will be discussed,” said Mahnke.
Legislators must act
The GVNW is also not interested in such a discussion. After all, the representatives of the policy-taking economy in the association are company-bound insurance buyers and risk managers who focus on insuring.
In the companies represented, higher retentions in the balance sheets or solutions via the capital market are often not the responsibility of these representatives.
In addition, the association’s chairman urged the legislature to find a solution for the protective shield, which expires at the end of the year, to secure the supply chains of German commercial enterprises. A state solution is also still pending on the subject of pandemics and other systemic risks that cannot be hedged or not adequately covered by other means.
Stefan Rosenowski succeeds Reiner Siebert
From January 2021, Stefan Rosenowski will be Managing Director of the GVNW. He succeeds Reiner Siebert, who will retire at the end of January.
Rosenowski was most recently Director Risk, Crisis & Insurance in the Corporate Risk & Insurance Management department of Vorwerk Group. He started his career after studying business administration with training and further education at Funk group.
Two new board members
The assembly of delegates also elected Pia Weiss to the GVNW board. She heads the Corporate Insurance Management (CIM) department at ABB AG. The former insurance broker was previously responsible for ABB’s global property and marine insurance programs.
Another new member of the management body is Dirk Förster, Head of Insurance at BMW AG. As managing director of Bavaria Wirtschaftsagentur GmbH, the company-affiliated broker of the BMW Group, he heads the global insurance business of the automobile group.
The deputy chairman Hans Jörg Schill, managing director of Airport Assekuranz Vermittlungs-GmbH (AAV) of Fraport AG, has resigned from his Management Board mandate.
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