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Old 20.09.2018, 14:47
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Change in FINMA rules for contents/liability insurance?

We had a call yesterday from Zurich Insurance (with whom we have house contents/personal liability and Relax (travel ins) policies) saying that due to a change in FINMA (Swiss financial services regulator) rules, they need to visit and re-assess our insured stuff (house contents I assume). We have never claimed anything on the insurance in nearly 10 years of cover with Zurich Ins.

We told them to write to us and we would take it from there.

Has anyone else had this? My first thoughts are:

- oh great, a change made by the industry body to increase the amount of insurance we will have to pay..

- is this a scam?

Has anyone else had this/similar? Particularly interested re the change in the rules from FINMA if anyone has any further info.

thank you
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Old 20.09.2018, 14:48
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Re: Change in FINMA rules for contents/liability insurance?

Never heard of that and never had anyone coming to check what I have in the house. Seems rather a big scam or a way to try and sell you more dodgy insurances.

Tell them to show you where this is written (haven´t heard anything from my insurer)
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Old 20.09.2018, 14:54
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Re: Change in FINMA rules for contents/liability insurance?

Tell them no.

Tom
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Old 20.09.2018, 14:58
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Re: Change in FINMA rules for contents/liability insurance?

https://www.finma.ch/de/bewilligung/...ionspflichten/

Print this off and show them this if they do show up.
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Old 20.09.2018, 14:59
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Re: Change in FINMA rules for contents/liability insurance?

Call Zurich Insurance directly and let them know. Either they'll clear up the matter there and then or they'll at least be aware of the suspected scam. Perhaps others have been approached, too?
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Old 20.09.2018, 15:39
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Re: Change in FINMA rules for contents/liability insurance?

Thanks all - interesting to hear that none of you have had a similar approach from Insurers.

@Roegner, it is not unusual that the Insurance Agent would meet you in your home on the first time you take out insurances (or at least this is my and other expat colleagues' experiences) - partly so that it is more convenient for the home owner and also so that they can see the size of the property/amount of stuff you have for their rough estimate of value to be insured. They also wanted to come to our house when we bought it to again update the insured values etc

I will update when I find out more info.
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Old 20.09.2018, 15:42
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Re: Change in FINMA rules for contents/liability insurance?

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@Roegner, it is not unusual that the Insurance Agent would meet you in your home on the first time you take out insurances
First time, correct. But this is not a first time and they have no right to come and check whether you bought a Picasso or not
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Old 20.09.2018, 15:48
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Re: Change in FINMA rules for contents/liability insurance?

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First time, correct. But this is not a first time and they have no right to come and check whether you bought a Picasso or not
They do not have the right to enter the house, they however do have the right to say "well if can't overview what we insure, than perhaps we do not want to insure it at all"

Personally if they identify themselves proper and are indeed from the insurance I couldn't care if they want a cup of coffee at a moment that fits me.
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Old 20.09.2018, 15:53
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Re: Change in FINMA rules for contents/liability insurance?

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They do not have the right to enter the house, they however do have the right to say "well if can't overview what we insure, than perhaps we do not want to insure it at all"
May be, but not with referring to FINMA imho. And probably that will happen mainly when you have a high insurance, not your regular run-of-the-mill amount of insurance.

My experience is that, if anything happens, they will anyway ask for proof that you had actually bought the stuff.
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Old 20.09.2018, 16:09
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Re: Change in FINMA rules for contents/liability insurance?

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May be, but not with referring to FINMA imho. And probably that will happen mainly when you have a high insurance, not your regular run-of-the-mill amount of insurance.

My experience is that, if anything happens, they will anyway ask for proof that you had actually bought the stuff.
Yep.

In our case they payed up for everything that the police took along in the official report of what had been stolen.
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Old 20.09.2018, 16:12
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Re: Change in FINMA rules for contents/liability insurance?

FINMA does indeed regulate the insurers, banks, financial intermediaries in general, but a change in regulations will not force them check on each and every customer. Just imagine, the (probably unnecessary) cost! A change in FINMA regulations, if they did change and i don't say they did, would be extremely unlikely to force such a check.

Could this be a scam? A way to get entry to your house, perhaps to check if your apartment/house is worth breaking into?

Personally, I would call Zürich, the general number or that of the "Agentur" that handles your contract, and have a 3rd person check if "your" representative is indeed to contact you.
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Old 20.09.2018, 19:06
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Re: Change in FINMA rules for contents/liability insurance?

Update - have now received the email with all the information from Zurich Ins (12 attachments in total with revised policy details etc).

So it is definitely not a scam, which is good to know.

Now need to go through it all to see what the changes are.
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Old 20.09.2018, 21:41
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Re: Change in FINMA rules for contents/liability insurance?

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First time, correct. But this is not a first time and they have no right to come and check whether you bought a Picasso or not
True, but on the other hand they have every right to refuse to compensate you for it’s lose if you are under insured.
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Old 02.10.2018, 15:55
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Re: Change in FINMA rules for contents/liability insurance?

This happened to us earlier this year. It was also Zurich Insurance and the reason they gave was similar.

They came, they saw and they left. They said we were over insured and gave toys for my daughter so no harm done
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Old 02.10.2018, 16:00
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Re: Change in FINMA rules for contents/liability insurance?

Interesting that it only happens with Zurich Insurance. Any other insurance that does this? Haven´t heard anything from mine, apart from the invoice to pay the insurance for another year.....
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Old 02.10.2018, 16:24
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Re: Change in FINMA rules for contents/liability insurance?

As i checked my mails, it seems that my insurance policy was with Zurich Connect (Old Online insurance subsidiary of Zurich insurance), Sometime in the past they merged Zurich connect with Zurich Insurance and they wanted to check if we were under insured.
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Old 02.10.2018, 19:21
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Re: Change in FINMA rules for contents/liability insurance?

I think the salesman is just trying to get a meeting to try to sell additional products.
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Old 02.10.2018, 19:30
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Re: Change in FINMA rules for contents/liability insurance?

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Update - have now received the email with all the information from Zurich Ins (12 attachments in total with revised policy details etc).
Can you please post what exactly the FINMA change is supposed to be? I still find it strange that apparently only Zurich does that
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Old 03.10.2018, 08:42
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Re: Change in FINMA rules for contents/liability insurance?

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Can you please post what exactly the FINMA change is supposed to be? I still find it strange that apparently only Zurich does that
Indeed, I don't understand what the FINMA has to do with contents insurance. I suspect as others have said that the insurance company is putting a foot in your door to get an appointment to flog you other products or at the very least to increase the value of the insured contents.
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