QBE eyes growth in German marine and cyber markets

Insurer QBE has ambitious plans for growing its operations in the German and Austrian markets, focusing on growing its presence in the corporate and upper mid-market segments, while also moving into marine and cyber.

That is according to Fabian Desch, the company’s general manager for Germany. He said digital transformation and ongoing shifts in the insurance landscape are driving this, but the strategy is aligned with its wider strategy and risk appetite in Europe. 

He explained that QBE’s growth ambitions in Germany are centred around its existing strength in the upper mid-market and corporate sectors. 

Although QBE has a limited amount of direct business, its primary distribution channel remains brokers. This strategy aligns with the way QBE is structured, and Desch confirmed that this approach will remain unchanged as it grows in Germany.

QBE operates three offices in Germany: Düsseldorf (the main office), Hamburg, and Munich, with dedicated specialists for the Austrian market in each of these branches, especially Munich. 

“Cyber insurance has also emerged as a key area of focus.”

Desch expressed optimism about the company’s future in these regions, citing solid foundations built over recent years, particularly in property casualty insurance. “One of our strategic ambitions for the future is to further develop this,” Desch said.

One of the most significant recent developments for QBE in Germany has been its expansion into marine insurance. At the beginning of 2024 the company added marine cargo, art, and specie insurance to its product offering. Desch described the expansion as a “good start” and noted that marine cargo, in particular, is a major focus for QBE in Germany.

Cyber insurance has also emerged as a key area of focus for QBE. While QBE has enjoyed strong success in cyber insurance in regions such as the Nordics, where it is considered a market leader, the company sees substantial growth potential in Germany. 

“We have not had such a good development in the portfolio compared to our colleagues in the Nordics, and this is what we want to use in Germany to further grow in cyber in the coming years,” Desch noted.

QBE has transitioned from a follow insurer to a lead insurer in Germany’s cyber market, a significant shift that will allow the company to offer lead solutions to clients. Desch highlighted the importance of this move, which is supported by a service proposition, including QBE’s Q Cyber Prepare service, which Desch described as a “safe room” for clients to manage communications and plan responses during cyber incidents.

In its quest to become a leading insurer in Germany, QBE is placing a strong emphasis on risk management. Desch mentioned that QBE has hired a risk engineer for the German market, underscoring the company’s commitment to providing local risk assessment services. 

This addition is part of QBE’s broader ambition to offer comprehensive risk solutions, particularly in property insurance, where having risk engineers on the ground is crucial for effective risk management.

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