Munich Re’s top cyber underwriter told Reuters that the reinsurer is planning new wording in cyber insurance policies to exclude war in order to avoid disputes over what is covered. Russia’s invasion of Ukraine has heightened concerns about cyber attacks, with the possibility of targeting Western businesses or government institutions. Most cyber policies protect businesses… Continue reading Munich Re to Exclude War in Cyber Policies
Tag: Munich Re
HSB Canada Introduces Cyber Suite, Coverage for Small Businesses
HSB Canada, part of Munich Re, has introduced HSB Cyber Suite, a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion. It is available through insurance carriers that partner with HSB Canada to add the coverage to their commercial policies. “Small… Continue reading HSB Canada Introduces Cyber Suite, Coverage for Small Businesses
Munich Re Tops List of World’s Largest Reinsurers by Premiums
Germany’s Munich Re has reclaimed its place as the world’s largest reinsurance company when ranked by 2020 year-end gross reinsurance premiums written, following growth of 21.1% during the period. Based on research data from ratings agency A.M. Best, our directory of the Top 50 Global Reinsurance Groups shows that Munich Re took the number one… Continue reading Munich Re Tops List of World’s Largest Reinsurers by Premiums
HSB Precision Ag Covers Farm Machinery and Electronics in the Cab
HSB Precision Ag insurance, a flexible suite of coverages for today’s evolving farm data risks, technology and state-of-the-art equipment, was introduced today by HSB, part of Munich Re. Designed for large commercial enterprises and smaller family farms, it combines equipment breakdown and cyber insurance to offer broad protection for data-driven precision agriculture. Precision Ag provides… Continue reading HSB Precision Ag Covers Farm Machinery and Electronics in the Cab
Munich Re Partners with Spectrum Labs for AI Safety Systems
Global reinsurer Munich Re has entered into a partnership with Spectrum Labs in order to set a new industry standard for AI-based Trust & Safety systems. Spectrum Labs provides patent-pending technology to consumer internet brands to help identify toxic behaviour online. The partnership will help protect its customers and manage their risk as it continues… Continue reading Munich Re Partners with Spectrum Labs for AI Safety Systems
Google Teams Up with Allianz, Munich Re to Insure Its Cloud Users
Google is teaming up with two global insurers to cover cyber breaches and related risks for businesses that use its cloud services, the first time a major provider has opened up such insurance to its clients, the companies said on Tuesday. Major insurers have been treading carefully on cyber risks for years, but the tie-up… Continue reading Google Teams Up with Allianz, Munich Re to Insure Its Cloud Users
Munich Re to No Longer Cover Events Cancelled for Pandemics
German reinsurance group Munich Re will no longer insure against events cancelled due to pandemics, a board member said on Tuesday. The world’s largest resinsurer is making the change after it faced large losses this year in the wake of the coronavirus crisis. Torsten Jeworrek, who oversees the reinsurance segment, said that Munich Re would… Continue reading Munich Re to No Longer Cover Events Cancelled for Pandemics
Munich Re’s “Ambition 2025” Sets New Growth and Results Targets
Munich Re has achieved its financial objectives year after year – including 2020, if one adjusts for COVID-19 losses. And Munich Re has become more flexible, more digital and more profitable in recent years. As the ERGO Strategy Programme concludes, the primary insurer is once again performing well. In reinsurance, the Grow, Excel, Invent Ambition… Continue reading Munich Re’s “Ambition 2025” Sets New Growth and Results Targets
Munich Re Expects Further Hardening of Markets
Following years of eroding rates caused by excess capacities and low major-loss expenditure, particularly in European markets, low interest rates – likely to remain even lower for even longer due to the coronavirus pandemic – are impacting the profitability of reinsurers. Insurance covers are therefore likely to become more expensive, particularly for long-term risks in… Continue reading Munich Re Expects Further Hardening of Markets
Munich Re Issues Green Bond
For the first time in its history, Munich Re has issued a subordinated green bond, with the volume issued amounting to €1.25bn. This bond highlights Munich Re’s commitment to using the capital markets to help achieve a climate-friendly transformation of the economy. Munich Re will use the raised capital to finance or refinance sustainable projects… Continue reading Munich Re Issues Green Bond