Element Insurance insolvency: How to secure your claims now!

Element Insurance insolvency: How to secure your claims now!

Element Insurance AG has been in final insolvency proceedings since March 2025. The Charlottenburg district court officially confirmed the insolvency on March 1, 2025. The company's problems resulted from excessive indebtedness, which was reported to the Federal Financial Supervisory Authority (BaFin) on December 20, 2024, after the reinsurance protection had been terminated. Around 320,000 contracts, including accident, liability, household contents and residential building insurance, are affected by the insolvency, and many insured persons have already canceled their contracts as a result of the uncertainty, which has led to a decline in the number of contracts.

Affected customers must register their claims with the insolvency administrator by May 31, 2025 at the latest. This affects both outstanding claims and premium refunds. Claims arising from damages have priority over claims from other creditors. It is important that insured parties seek alternative insurance coverage immediately, as insurance coverage has lapsed since April 1, 2025 and most contracts automatically ended at midnight on April 1, 2025.

Obligations for affected customers

BaFin informed all known affected parties about the situation by letter. The authority also advises checking insurance documents to identify the actual risk bearer, especially if customers are insured through cooperation partners such as Friday, hepster or Panda. Element Insurance operated as a fully digital and white label insurer, which meant that many customers may have unknowingly been insured with Element.

Claims should be registered via the website www.element-insolvenz.de. Timely participation is crucial in order to be able to assert as many claims as possible. Information about the registration process will be sent to those affected by post. This also includes the obligation to report claims that occurred before the end of the contract. However, complete settlement of these damages is not guaranteed.

Effects of bankruptcy

As part of the insolvency proceedings, it remains unclear how high the amount will ultimately be available to settle the claims, as the amount of the claims and the overall situation of the company's security assets must be taken into account. BaFin has also imposed a ban on new business for Element, which means that no new insurance contracts may be concluded.

Insured persons should read the information from the insolvency administrator carefully and ensure that the deadlines are adhered to. If you have any further questions or uncertainties, BaFin recommends seeking legal advice or support from consumer protection organizations.

Further details on this topic can be found at Ruhr24 as well as on the website BaFin.