The company filed a claim for up to €250 million ($391 million) with an insurance consortium led by Allianz, the newspaper reported.
Siemens, Europe's largest engineering company, purchased a so-called Directors' and Officers' Liability Insurance (D&O) in that amount to cover the years 2004 to 2007, according to the newspaper's report. The coverage applied to the company's executive board, board of directors and division heads.
Allianz alone could find itself on the hook for €70 million in damages, the newspaper reported.
Siemens and Allianz declined to comment in the newspaper's report.
The engineering company has been caught up in a scandal that centers on whether employees paid kickbacks out of a slush fund in exchange for foreign contracts.
Fines, back taxes and investigations connected to the scandal could cost Siemens more than €1.6 million.