Extremus insurance

from Wikipedia, the free encyclopedia
Extremus Insurance Corporation

logo
legal form Corporation
founding September 3, 2002
Seat Cologne , GermanyGermanyGermany 
management Thomas Leicht ( CEO )
Achim Jansen-Tersteegen
Number of employees 14th
sales € 42.6 million (2017)
Branch Specialist insurer for major losses from terrorism
Website www.extremus.org
As of December 31, 2017

The Extremus Versicherungs-Aktiengesellschaft is a German specialty insurer based in Cologne. The founding members and shareholders are a large number of well-known German, but also foreign and in Germany insurance companies .

Due to the extent of the damage caused by the terrorist attacks on September 11, 2001 in the United States, insurers and reinsurers worldwide were no longer able to cover damage events of this magnitude within the framework of conventional contract strategies. The accumulation risk , the coincidence of various claims from one or more lines of business, could no longer be calculated for the reinsurers. The risk of terrorist attacks should be met so far that the policyholder on the one hand provides the necessary security and stability, but neither was only - still reinsurers are at risk on the other hand to be driven out of business. Such attacks carry high risk of failure due to major and very large losses, in particular triggered by fire and business interruptions. The main focus is therefore on the financial coverage of these special special risks.

history

The terrorist attacks of September 11, 2001 prompted the insurance industry in cooperation with the federal government in Germany to better deal with damage cases from realized terror risk in the future. Although it was possible to insure against terrorism in many German insurance lines, in contrast to countries like France and Belgium, there is still no legal obligation to do so.

On April 26, 2002, the federal government announced at a joint press conference with the General Association of the German Insurance Industry (GDV) and the Federation of German Industry (BDI) that it wanted to participate in an overall solution with a state guarantee. That is why Extremus Versicherungs-AG was founded on September 3, 2002 .

The agreement of the central associations of industry and politics agreed that direct insurers of fire and business interruption insurance would not exclude the terror risk in their contracts up to a total insured amount of 25 million euros. Any terrorist risks going beyond this should be reinsured by the specialist insurer Extremus, up to an annual maximum compensation limit of EUR 10 billion, with Extremus bearing the liability up to the limit of EUR 2 billion itself and a state guarantee of up to EUR 8 billion from the federal government would.

The continued validity of these contingent liabilities was confirmed in July 2009 and extended by two years. In November 2015, the Federal Ministry of Finance extended the state liability for another four years until the end of 2019. In the course of this, the quota distribution was adjusted in favor of the state. Extremus now assumes risks up to a limit of 2.5 billion euros, the state supplements this amount by up to 7.5 billion euros.

In 2019, state liability was extended to the end of 2022. Extremus is liable for up to 2.52 billion euros; the state assumes a guarantee of 6.48 billion euros for damage in excess of this amount, so that the maximum coverage is 9.0 billion euros.

For the 2017 financial year, Extremus Versicherung had 1,488 contracts for 8,733 risk locations with a total insured amount of around 692.6 billion euros. This results in an average sum insured of EUR 465.5 million per contract or EUR 79.3 million per risk location. Extremus Versicherung achieved a profit of EUR 200,000 in 2017 after costs and taxes .

The insurance cover was initially only valid for Germany and was extended to foreign risks in 2005. The main risk carrier for terrorist coverage there is a consortium of leading Lloyd's syndicates .

Owner Shares
alliance 16.0%
AIG Europe Limited 02.5%
German reinsurance 11.0%
DEVK 02.0%
Generali Germany 02.5%
Gothaer General 05.0%
HDI Global SE 13.0%
HUK Coburg 02.0%
LVM insurance 02.0%
Munich Re 16.0%
R + V insurance 05.0%
Signal Iduna 02.0%
Swiss Re 15.0%
United Hannoversche Versicherung 01.0%
Zurich 05.0%

Individual evidence

  1. ↑ a b board of the company. Retrieved January 16, 2019 .
  2. ↑ a b c d Annual Report 2017 published in the Federal Gazette. Retrieved January 16, 2019 .
  3. ^ Frank Ruhig: Financing of insurance companies in view of the increase in major loss events . GRIN, 2007 ( limited preview in the Google book search - thesis from 2003).
  4. ↑ Homepage - History . Retrieved November 24, 2015 .
  5. ↑ Henning Schaloske: The right of the so-called open co-insurance: construction under contract law and assessment under antitrust law . Verlag Versicherungswirtschaft, 2007, p. 20–21 ( limited preview in Google Book Search).
  6. ^ Extension of state liability for terrorist attacks. Extremus, archived from the original on May 4, 2007 ; Retrieved March 15, 2013 (press releases).
  7. ↑ Ellen Bocquel: Considerable need for terror cover by Extremus. In: Insurance magazine. July 22, 2009. Retrieved November 25, 2015 .
  8. ^ Extension of state liability for terrorist attacks. Extremus Versicherung, accessed on January 16, 2019 (press release).
  9. ↑ News. Retrieved January 12, 2020 .

Web links