The Insurance Exchange
Transportation and industrial insurance cover
The risks that need to be insured in maritime transportation and industry – e.g. fires, disasters and storms – can incur substantial premiums. These risks are therefore often jointly covered by several insurance companies. While initiating and executing such joint business has long been a part of the core activities of the Hamburg Insurance Exchange, these days, other aspects take precedence.
Nowadays, such transactions are generally negotiated in advance between insurers, brokers and customers, with the Insurance Exchange serving as a place to sign and exchange documents. In addition, Exchange participants can quickly carry out multiple transactions arising from the administration of active insurance contracts and damage claims. The fact that Exchange participants know one another very well speeds up this process.
Participants of the Hamburg Insurance Exchange are employees of insurance companies, underwriting agents, insurance brokers and average adjusters or surveyors. While the insurance broker is commissioned by the policy holder, e.g. a ship owner, underwriting agents represent the insurance company. As “multiple general agents”, they are authorised to provide coverage for several insurance companies within a defined scope. By partnering with an underwriting agent, non-local insurance companies can also participate in the business of the Hamburg Insurance Exchange. General average adjusters are experts in ship and cargo damage claims, and are particularly sought after to assist with processing insurance claims in the aftermath of a disaster.
All in all, the Hamburg Insurance Exchange admits 134 companies with a total of 433 individuals: 137 insurance company employees, 192 brokers, 94 underwriting agents and 10 general average adjusters.
Exchange meetings take place every Thursday from 13:30 to 14:00 on the trading floor of the Hamburg Chamber of Commerce in the arcade area between the Exchange Hall and the Securities Trading Hall. Almost all admitted companies have a fixed presence at the Exchange. The fact that this is often indicated on their company letterhead in addition to their postal address is testament to the prestige of the Insurance Exchange within the industry.