Lively interest in the Insurance Roundtable with BaFin in Düsseldorf

Julia Wiens, Chief Executive Director of Insurance and Pension Funds Supervision at the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin), was guest of honor and speaker at the zeb.Financial Market Roundtable held at the Industrie-Club in Düsseldorf. The topic of the very well-attended evening event, which was congenially hosted by zeb Partner Dieter Kipp, was “Die deutsche Versicherungswirtschaft – Aktuelle Herausforderungen für Aufsicht und Branche” (“Insurance business in Germany – current challenges for supervisory authorities and the industry”).

Many board members of well-known insurance companies attended the event to listen to Ms. Wiens, who comprehensively outlined the main objectives of her work: “We need to ensure that German insurers remain stable and that their customers continue to trust them in the future.” She pointed out that BaFin was pursuing a clear agenda that directly addressed these topics. In this context, Ms. Wiens named four problem areas: the high costs of life insurers, the losses in motor insurance, the poor condition of some IT systems and the implementation of artificial intelligence and machine learning.

The evening was well received by all participating board members. Once again, the zeb.Financial Market Roundtable proved a welcome networking platform for an intensive exchange of opinions and experiences between the supervisory authorities and the insurance industry.

Impressions