In a major push to strengthen its foothold in the U.S. insurance market, Munich Re has announced plans to acquire the remaining 71% of California-based Next Insurance for a total valuation of $2.6 billion.
Tag: Munich Re
FloodFlash Gets Munich Re Support to Expand Parametric Flood Product Across America
FloodFlash, a flood risk focused insurtech company that offers an innovative sensor-based approach to parametric flood insurance, has secured capacity support from reinsurance giant Munich Re’s Specialty division to enable it to expand its parametric flood product across America.
Munich Re Q1 Net Income Soars on Rates Despite Bridge Event
Munich Reinsurance Co. saw lower catastrophe losses, even as man-made losses rose due to the Baltimore bridge disaster, as first-quarter profit soared 68.4% on high rates and strong April 1 renewals.
Munich Re CFO: Claims Uncertainty Prompts $976.2M in Reserve Strengthening
Munich Re posted strong operating income in the fourth quarter and for 2023 but its net result fell as the group sought to strengthen its position amid uncertainty, said its chief executive officer.
Insureds Need to Be Aware of Potential Insurance Gaps When Using AI: Munich Re
Global reinsurance giant Munich Re has highlighted how AI exposures within traditional insurance policies possess the ability to become a significant unexpected risk to insurers’ portfolios.
Munich Re Launches Global Parametric Risk Transfer Business Unit
Munich Re, one of the largest reinsurance companies in the world, has launched a new global unit focused on growing its share in parametric natural catastrophe risk transfer solutions, bringing together expertise from across the business to target this growing area of the market.
Insured Global Losses Hit $95 Billion: Munich Re
Worldwide, natural disasters in 2023 resulted in losses of around $250bn (previous year $250bn), with insured losses of $95bn (previous year $125bn). Overall losses tally with the five-year average, while insured losses were slightly below the average figure of $105bn.
Best’s Market Segment Report: Europe’s Big Four Reinsurers Benefit from Hard Market Conditions
Heightened demand and higher prices contributed to a 6% increase in net premiums written in 2022 (when measured in USD) by Europe’s Big Four reinsurance groups—Munich Re, Hannover Re, Swiss Re and SCOR—according to a new AM Best report.
Munich Re Remains World’s Largest Reinsurer in AM Best’s Top 50 Ranking
Munich Reinsurance Company holds onto the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2022, followed again by Swiss Re Ltd.
Munich Re: Overall Losses for H1 2023 Estimated at $110B
While the overall losses of US$ 110bn were lower than those in the first half of 2022 (US$ 120bn), they were still well above the average for the last ten years (US$ 98bn, inflation-adjusted).