Prevention must be rewarded by insurers

Staying strong in times of uncertainty: The war in Ukraine hit businesses unexpectedly and severely. It exacerbates existing supply chain disruptions and fuels inflation. Insurers are also feeling the pinch as higher commodity prices make claims significantly more expensive. Consequently, the pressure on premiums continues, although with a downward trend, and the supply of hedging capacities remains reserved. This is one of the results of the new market special published by the insurance broker and risk consultant Funk.

The specialized publication offers an overview of the core divisions and shows the current evolution of premiums and capacities. The market special provides an overview of the property, liability, technical insurance, construction, transportation, motor vehicle, D&O, cyber, fidelity, credit, casualty, legal protection, and mergers and acquisitions sectors.

There is still no turnaround in industrial property insurance

The situation in property insurance remains particularly tense. Recently, insurers have been able to drive higher prices and thus improve their revenues. At the same time, however, claims expenses increased, generating losses across the board. For this reason, companies must take into account further premium increases and capacity reductions when renewing their contracts. This applies in particular to contracts with exposed claims and risks. Inflation exacerbates this situation.

Protecting yourself against cyber threats is also a challenge. For insurers, the cyber business carries risks that are difficult to assess, as there is as yet no reliable data on cumulative events, such as a wide-reaching attack on cloud providers. Companies are advised to analyze their risk situation as fully as possible, to create risk transparency and tosecurity To optimize.

The war in Ukraine also leads to territorial exclusions, for example in civil liability insurance. Funk is in negotiations with many insurers to get the best possible clauses and conditions.

Loss prevention should be significantly rewarded

climate crisis, coronaPandemic, Ukraine War: These are uncertain times we live in. For this reason, Ralf Becker, managing partner of the Funk Group, advocates long-term collaboration between insurers and clients when it comes to taking risks: “Companies need planning security. Fluctuations in premiums and capabilities offered by insurers They cannot be permanent. Funk is committed to ensuring that companies are viewed individually. Becker: “Measures to improve risk, such as a particular operation Risk management with damage prevention and increased self-financing should be significantly rewarded when determining the premium.”

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[ Bildquelle Titelbild: Adobe Stock.com / iuriimotov ]

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