The European Insurance Supervisory Authority is planning to adjust the minimum insurance amounts for professional liability insurance

The European Insurance Supervisory Authority is planning to adjust the minimum insurance amounts for professional liability insurance

The European insurance supervisory authority Eiopa plans to increase the minimum insured amounts for professional liability insurance. The minimum amounts are currently 1,300,380 euros per claim and 1,924,560 euros for all claims in a year. According to Eiopa's proposal, these amounts should be increased to 1,564,610 euros per claim and 2,315,610 euros for all claims in a year. This would be the highest adjustment since compulsory insurance was introduced in 2007. The changes are expected to be approved by the EU Commission by the end of June.

According to a report from www.dasinvestment.com, the current starting insurance sums in Germany of 1,350,000 to 1,500,000 euros may no longer be sufficient in the future. The planned increases are expected to have an impact on the insurance market. In particular, insurance premiums could increase to cover the higher minimum insurance amounts. This can lead to significant cost increases for insurance intermediaries and advisors.

However, it should be noted that, according to the AfW intermediary association, most damages are well below the legal minimum insured sum. Losses worth millions only rarely occur. However, there is still a residual risk, which is why it is advisable to check your insurance coverage.

The AfW welcomes the planned adjustments, as intermediaries can benefit from higher insurance sums without incurring major additional costs. If the adjustments are made in a non-contributory manner, insurance intermediaries will have access to insurance sums that exceed 1.5 times the 2007 amount, with average premiums falling.

Source: According to a report by www.dasinvestment.com