Many insurers are currently suffering from high claims costs, which are causing profits to shrink noticeably for some insurers. The companies are reacting very differently: while HDI has increased premiums for motor insurance by up to 50 percent, for example, other insurers are cutting ties with certain customers, including Axa and Itzehoer.
Württembergische advertises its family driver insurance as “affordable insurance for novice drivers” with which young people – even if they do not have their own car and use the cars of their parents or other family members – can build up a no-claims discount.
Only family driver policy affected
Fonds Finanz is taking the stop in sales of the policy via broker pools in its stride. This only represented a very small proportion of the total vehicle portfolio. Other policies, however, were not affected.
Why only this policy, which Württembergische Versicherung continues to sell exclusively, is no longer sold through pools remains unknown. procontraThe insurer did not want to answer the request for competitive reasons.
The business with broker pools is considered relatively expensive for insurers due to the higher commissions. This is also consistent with the fact that several insurers have recently announced that they want to expand their own exclusivity again. It is also conceivable that the portfolio acquired through the pools has a high loss ratio. It will be interesting to see whether the approach of HDI and parts of Württembergische will also become precedent for other providers in the future.
