XL Group has expanded its professional indemnity offering in the German market with the appointment of Jens Heienbrok as professional indemnity manager.
XL Group said it made this strategic appointment because the market for professional indemnity insurance cover in Germany is growing following a rising trend for bringing litigation cases.
Commenting on Heienbrok’s appointment, Marcel Braun, XL Group’s head of financial lines for Germany, Austria, and Eastern Europe said: “In recent years, more firms are willing to pursue claims in court, and courts are awarding higher damages. Broad professional indemnity coverage is becoming more important in Germany, especially for the legal profession, media and technology organizations and other professional bodies to name a few.”
Braun continued: “Many professional bodies have already made the purchasing of professional indemnity insurance obligatory because often their members are in advisory positions and are therefore exposed to high liability risk. However, the importance and relevance of professional indemnity insurance goes beyond licensing prerequisites. It offers an essential safeguard against numerous liability problems which arise in everyday business.”
XL Group said that these observations are supported by market statistics: In 2013 gross premiums in the German professional indemnity market reached EUR 1.5 billion. The market research firm Finaccord predicts that by 2017, they will reach EUR 1.7 billion, an increase of more than 3 percent.
Michael Harth, XL Group’s country manager for Germany, adds: “Today’s professional indemnity offering no longer satisfies the needs of the German market. Clients are demanding new solutions and XL Group is known for providing exactly that. Our new strategy will enable us to expand our offering to meet those client needs.”
Heienbrok joins XL from Allianz in Germany, where he served most recently as branch coordinator for professional indemnity. Prior to that he worked as a lawyer.
Source: XL Group
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