Germany must “open up” to global insurance market

by Gill Montia

Story link: Germany must “open up” to global insurance market

The eurozone crisis and the export-led boom in German industry are making Germany’s insurance buyers look to markets outside their own borders, according to Jan Blumenthal, Lloyd’s general representative for the country.

Mr Blumenthal believes the euro’s difficulties have highlighted issues with insurer solvency and the long-term sustainability of the German insurance market because “it shows that countries can’t ‘go it alone’ … German buyers want to be sure that their insurers will be there when they need them”.

According to Mr Blumenthal, Germany’s domestic insurance market is competitive but remains relatively closed, with many large German companies operating in-house insurance brokers to arrange their own insurance, as well as to offer insurance to employees and clients.