Tuesday, 6 September 2011
The time for straight talking
This year’s Deutscher Versicherungs-Schutzverband (DVS) symposium will again cover a broad range of key issues and give the German risk management and commercial insurance community the opportunity to meet and discuss topics of interest and intensify dialogue in order to facilitate improved risk solutions.
Concentrating on issues that are of special interest to the insurance buyer community, Klaus Greimel [pictured, left], Managing Director of the DVS, told Commercial Risk Europe (CRE) that big topics this year will include the state of the commercial insurance market, the fall out from the Japanese earthquake and tsunami, with particular focus on loss adjustment, and Solvency II.
The forum will allow attendees to obtain an update on the latest developments in the Brazilian insurance and reinsurance market, where there are fears that new rules may restrict capacity in the market.
A further key concern of risk managers that will be addressed is emerging risks and the lack of insurance cover currently available for some of these new exposures, said Mr Greimel (See interview with Gregor Kohler on pages 10 and 11).
“Facing changing risks the industry is trying hard to force insurers to develop and offer ‘new’ coverages to better meet the requests of clients,” said Mr Greimel, who is also Managing Director of E.ON Risk Consulting, the insurance arm of the German power giant.
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“DVS and BfV are strongly supporting this aim. We know that it is not easy to achieve a sufficient and quick solution. It might be a longer path, but it is worth taking every single step,” he added.
This DVS will this autumn invite leading insurers to attend a round table to discuss ways to achieve more innovative solutions.
The risk management association remains convinced that innovation is a great opportunity—for both insurers and risk managers.
Mr Greimel noted that working together to find the most suitable solutions to both sides of the risk conundrum is a fascinating ‘game’, but warned that securing the cheapest insurance is not the only challenge.
Many insurers and reinsurers state perhaps somewhat hopefully that the stubbornly soft general insurance market cannot continue forever and may start to turn in the foreseeable future. But Mr Greimel told CRE that the DVS believes the market will remain stable.
“Apart from client-individually influenced parameters, such as loss experience, we do not see major changes, especially premium wise, in respect of the whole market,” he said.
Mr Greimel is supported in this view by a group of leading independent German brokers that were surveyed by Commercial Risk Europe shortly before this year’s conference (See page 8).
Mr Greimel will open the DVS symposium tomorrow morning and also take part in the podium discussion on Thursday morning hosted by Herbert Fromme of Financial Times Deutschland. Mr Greimel will be joined by Achim Hillgraf of FM Global, Sabine Krummenerl of Provinzial Rheinland, August Pröbstl of Munich Re, Klaus Przybyla, Allianz Global Corporate & Specialty and Hans Jörg Schill of Fraport and BfV.
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