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While overall conditions for reinsurance buyers are fairly good due to soft pricing driven by overcapacity in the market, primary insurers in Germany may face tough negotiations when buying industrial fire insurance cover in the upcoming renewals season.
“In Germany we have a stressed industrial fire insurance market situation,” said Jan-Oliver Thofern, CEO of Aon Benfield Germany.
“To date we have seen significant loss activity both in terms of severity and frequency,” he said.
“Large losses accounted for more than €1 billion in the first half of 2016 alone.”
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Aon Benfield, Jan-Oliver Thofern, Fire Insurance, Germany, Reinsurance