THE HAMBURG INSURANCE EXCHANGE
Cradle of Hamburg's Insurance Business

The risks covered by insurance in the shipping industry or in the manufacturing industry, e.g. fire, accidents at sea or storm damage, can be as high as three-digit figures in the millions and in the majority of cases one insurance company alone would not be in a position to handle a damage claim of this magnitude.

Hence the need for a market where the insurable risk is placed on the market and carried jointly by several insurers, each covering a certain percentage of the risk involved. The Hamburg Insurance Exchange serves primarily as a marketplace for initiating and closing joint insurance transactions.

This type of business transaction requires a great deal of coordination and information exchange which is why a platform for personal business contacts and discussion is so essential, even in today's world of data networking. Exchange members negotiate option rates, allocate interest shares, they exchange documents and quickly take care of countless smaller claims arising from the administration of corporate and commercial insurance policies. The fact that the members know each other well greatly contributes to speeding up business.

The authorised persons who frequent the Hamburg Insurance Exchange most are insurance company employees, underwriters, free-lance insurance brokers and claim inspectors.

Working on behalf of their clients insurance brokers place risks for insurers and underwriters to make offers on. They, in turn, are authorised as multiple general agents for a number of insurance companies to make cover offers in the name of the company they represent, thus providing insurers outside Hamburg the opportunity to do business on the Hamburg Insurance Exchange. Finally, claim inspectors are external damage experts for ships and ship cargo.

A total of 221 companies and 547 persons are official members of the Hamburg Insurance Exchange, of which 228 work for insurance companies, 190 are brokers, 116 underwriters and 13 claim experts. They meet daily between 1:30 and 2 P.M. in the East Exchange Hall where each member company has its regular booth.