Munich, 12 September 2024: The GVNW Symposium 2024, held in Munich from 4-6 September, brought together more than 800 professionals from across the insurance and risk management sectors.
Attending on behalf of Alta Signa's DACH team were Maximilian Moll, Branch Manager – DACH, and Thomas Lange, Deputy Branch Manager DACH, who found the annual event to be once again an important platform for exchanging ideas, discussing emerging trends, and addressing the challenges shaping the industrial insurance industry.
Here are our five key takeaways from this year’s symposium:
1. Networking at the Top of the Agenda
The Alta Signa team’s main goal at the GVNW Symposium 2024 was to connect with clients, old and new, and strengthen relationships in the DACH region through face-to-face meetings. With over 20 highly productive meetings, the team found the event to be a great platform for discussing business opportunities, with particular interest in relevant cyber insurance products across the financial lines classes. There were important discussions around the challenges facing the industry, including ongoing rate volatility and the softening pressure on pricing. Additionally, we noted the continued trend towards larger line sizes, supported by facultative reinsurance (e.g., lines of €10m–€15m/€20m, often supplemented by €5m–€10m in facultative reinsurance). Our meetings reaffirmed our commitment to navigating these challenges with our clients.
2. The Growing Complexity of Cyber Risks and Insurance Coverage
Cyber risks remain a top concern, with speakers addressing the evolution of threats in the digital age and the increasing sophistication of cyber-attacks. Attendees emphasised that comprehensive, adaptable cyber insurance policies are now more in demand than ever.
3. ESG: A Crucial Focus for the Insurance Sector
It’s clear that ESG considerations are no longer a niche concern but a vital part of risk assessment and insurance offerings moving forward. There was a strong focus on sustainability, climate risks, and the role insurers play in helping clients transition to more sustainable business practices.
4. Advancements in Data and AI-Driven Solutions
Speakers discussed the growing role of technology in refining risk models, improving claims handling, and developing new insurance products. AI-driven solutions are already transforming the sector, from streamlining operations to enabling more precise underwriting.
5. Regulatory Changes and Innovative Products
As the insurance industry continues to evolve, regulatory changes are top of mind for many professionals. The symposium provided updates on recent regulatory developments, particularly those affecting the European market, and discussed how insurers can stay ahead of upcoming changes.
Looking Ahead
This year’s GVNW Symposium once again demonstrated the dynamic and fast-evolving nature of the industrial insurance industry.We would like to extend our thanks to the GVNW organisers for hosting such a well-organised and insightful event. We look forward to continuing these conversations and driving meaningful progress in the year ahead.
For more information on the symposium and its agenda, visit the website of the German Risk and Insurance Association (GVNW).