Don't worry, both your premiums and your data are safe! ottonova, lawmakers, and the association of private health insurance funds have taken the following measures to protect you:
Approval of the German Federal Financial Supervisory Authority (BaFin): Like every insurance company, ottonova is officially certified and authorized. As a result, we are subject to the same strict requirements as any other health insurance fund, and we are obliged to continuously demonstrate that we have enough capital to guarantee your long-term insurance cover.
ottonova itself is also insured. Imagine this unlikely scenario. A policyholder requires very expensive treatment costing millions. This is an extraordinary burden for the entire community of policyholders. For such a case, we have taken out reinsurance with GenRe, the oldest reinsurance company in the world. This means that ottonova, and all our policyholders, are optimally covered.
Better safe than sorry. All these provisions mean that no private health insurance company has ever had to file for bankruptcy, and it is very unlikely to happen in the future. Nonetheless, we've also made provisions for the worst-case scenario, in the form of a guarantee fund.
All private health insurance companies are members of a guarantee fund by Medicator AG. Should a health insurance company become insolvent, this fund will take over its policies, and will allow the coverage to continue unchanged. And what’s more, the capital you have saved (old-age provisions) will always remain untouchable. This is being monitored on an ongoing basis by independent trustees.