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German insurers see little risk from AIG -watchdog

Thu Sep 18, 2008 7:45am EDT

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FRANKFURT, Sept 18 (Reuters) - Germany's insurers face little direct fallout from the failure of Lehman Brothers and the financial troubles at the world's biggest insurer AIG (AIG.N), Germany's financial watchdog BaFin said on Thursday.

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"We've surveyed the German insurance market and have determined that the stability of German insurers is not in danger and the impact on the German insurance market is limited," a BaFin spokesman said.

Germany is Europe's biggest insurance market and home to both the region's biggest insurer Allianz (ALVG.DE) and the world's biggest reinsurance company Munich Re (MUVGn.DE).

The decline in world stock markets this year has hit the insurance sector in Germany, prompting writedowns on their investment holdings, with industry observers predicting further writedowns will be needed in the coming months. (Reporting by Jonathan Gould; Editing by David Holmes)

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