AachenMünchener applies more consumer-friendly law to all customers

Changes due to the Insurance Contract Act will be applied to claims of both existing and new customers of AachenMünchener Versicherung AG starting from 2008

In property and casualty business, AachenMünchener will apply the more consumer-friendly rules of the Insurance Contract Act (Versicherungsvertragsgesetz = VVG) also to claims under already existing contracts. This approach is more customer-friendly than required by law. The company thus wants all customers to benefit from the amendments which are positive for them.

According to the legislator, the VVG reform is to initially apply to new contracts only starting from January 2008. It is not until 2009 that the amendments will also have to be applied to customers having taken out their contract before 2008.

The VVG reform provides, among others, for the abolition of the all-or-nothing principle. This means that in the case of a claim caused by the customer's gross negligence, AachenMünchener pays a partial indemnity depending on the degree of the customer's responsibility for the claim. Previously insurers paid no indemnity at all in the case of gross negligence. This proportionate rule also applies in the case of an infringement of the policyholder's obligations. Furthermore, the six-month term during which policyholders have to raise a legal action against an insurer refusing payment of an indemnity was abolished. This new rule is now also applicable to all customers of AachenMünchener Versicherung AG starting from 2008.


Aachen, November 28, 2007


AachenMünchenerLebensversicherung AG
AachenMünchener Versicherung AG
Pressesprecher:
Andreas Krosta
medien@amv.de
Aureliusstraße 2
52064 Aachen
Telefon: (02 41) 4 56-54 81
Telefax: (02 41) 4 56-55 14
www.amv.de



About AachenMünchener:

The name AachenMünchener stands for two companies: AachenMünchener Lebensversicherung AG and AachenMünchener Versicherung AG. With a premium income of € 3,691.8 m (2006) and a business-in-force amounting to more than € 125 bn, AachenMünchener Lebensversicherung AG is the second-largest life insurer in Germany . AachenMünchener Versicherung AG is one of the twelve largest property and casualty insurers in Germany and had a premium income of € 1,157 m in 2006. The rating agencies Standard & Poor's and Fitch Ratings assigned a AA financial strength rating to AachenMünchener. Currently this is the highest rating awarded to a German primary insurer. Moody's assigned an Aa3. AachenMünchener is part of the AMB Generali Group .