740px
535px
–
The Ukraine war is hitting companies hard. It is fueling the already existing supply chain disruptions and fueling inflation. Insurers are also feeling the effects because the higher prices for raw materials make claims significantly more expensive. This in turn means that the pressure on premiums continues, albeit with a weakening tendency. This is one of the results of Funk’s new market special.
The insurance broker’s specialist publication provides an insight into the main lines of business and shows current developments in premiums and capacities. The market special provides an overview of the property, liability, technical insurance, construction, transport, motor vehicle, D&O, cyber, fidelity, credit, accident, legal protection and M&A sectors.
Increased claims expenses lead to losses
The situation in property insurance remains particularly tense. Insurers have recently been able to push through higher prices and thus improve their income. At the same time, however, claims expenses increased, which led to losses overall. For this reason, companies must reckon with further premium increases and capacity reductions when they renew their contracts. This applies in particular to contracts with claims and exposed risks.
Securing against cyber threats is also problematic. For insurers, the cyber business holds risks that are difficult for them to assess, as there is still no reliable data on cumulative events such as a far-reaching attack on cloud providers. Companies are well advised to analyze their risk situation as comprehensively as possible, create risk transparency and optimize their IT security.
Long-term partnership between insurers and customers
The Ukraine war also leads to territorial exclusions, for example in liability insurance. According to Funk, he is in negotiations with numerous insurers in order to achieve the best possible clauses and conditions.
Climate crisis, corona pandemic, Ukraine war: hard times for people, the economy and insurers. Ralf Becker, managing partner of the Funk Group, therefore advocates a long-term partnership between insurers and customers when it comes to assuming risks: “Companies need planning security. Fluctuations in offers from insurers for premiums and capacities cannot remain permanent.”
The “Market Special” is ready here for free download
What: Funk
Author(s): versicherungsmagazin.de
–
