The Insurance Exchange
The Hamburg Insurance Exchange is the only one of its kind in Germany, which just goes to highlight Hamburg’s special position as a centre of trade and insurance. England is the only other European country with an insurance exchange – Lloyd’s of London – albeit of a completely different structure and scale.
Unlike the Stock or Commodities Exchanges, the Hamburg Insurance Exchange does not trade in assets but serves as a platform for insurance companies and brokers to share information and to initiate and execute business transactions primarily in the field of transportation insurance but also in industrial fire and liability insurance. The insurance agents, brokers, underwriting agents and experts admitted to the Exchange also use the weekly Exchange meetings as a opportunity to deal with matter srising from current contracts in order and to sign and exchange documents.
The history of the Insurance Exchange dates back to the foundation of the Hamburg Exchange in 1558. From the very beginning goods transportation insurance was a core part of activities at the Exchange, alongside goods trading. Still today, business at the Hamburg Insurance Exchange is largely governed by centuries’ old traditions, with the spoken word and business handshake taking high precedence on this platform for face-to-face meetings between business partners.