INSURANCE PRACTICES IN GERMANY “BELONG IN THE 1950S” SAYS ALLIANZ EXEC

Managers liking to sit in plush offices in expensive parts of town, so that they are near the opera, is just one example of the inefficiencies of German insurance practice, which harks back to another era, according to Oliver Bäte, a board member of Allianz. Speaking at a Standard & Poor’s conference in Munich, Mr Bäte claimed that the desire of insurance executives to live in expensive cities led to high wages being paid in the industry, to support the high living standards of the executives. Mr Bäte becomes head of finance at Allianz when Helmut Perlet retires during Q3.