Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. “We are currently examining whether we will offer new contracts that include pandemic protection in property and casualty insurance in the future,” Torsten Jeworrek, Munich… Continue reading Munich Re Stops Selling Pandemic Business Coverage After Losses
Tag: Munich Re
Risk Placement Services and Munich Re Partnership Offers New Public Entity Program
Risk Placement Services (RPS) announced a new public entity program for clients through a partnership with Munich Re Specialty Insurance (MRSI), the insurance business operations of affiliated companies in the Munich Re Group (“Munich Re”). Munich Re is a global provider of reinsurance, primary insurance and insurance-related risk solutions. The new RPS program expands upon… Continue reading Risk Placement Services and Munich Re Partnership Offers New Public Entity Program
Munich Re Withdraws Profit Guidance for 2020, Discontinues Share Buy-Back Due to Coronavirus Crisis
In the first quarter of 2020, Munich Re’s property-casualty reinsurance segment saw a considerable claims burden from losses in connection with the effects of the significantly worsened COVID-19 crisis. The claims expenditure is due mainly to the cancellation and postponement of large events. Hence, even though work on the quarterly accounts has just begun, Munich… Continue reading Munich Re Withdraws Profit Guidance for 2020, Discontinues Share Buy-Back Due to Coronavirus Crisis
Munich Re Doesn’t Expect Significant Impact from Coronavirus Pandemic
Munich Re doesn’t expect the coronavirus pandemic to have a material impact on its results for this year but said that, should the virus continue to spread, the effects could be stronger. “From today’s perspective, Munich Re does not expect the consequences of the coronavirus to have any overall material effect on the annual result,”… Continue reading Munich Re Doesn’t Expect Significant Impact from Coronavirus Pandemic
Tropical Cyclones Causing Billions in Losses Dominate Nat Cat Picture of 2019: Munich Re
820 natural catastrophes caused overall losses of US$ 150bn, which is broadly in line with the inflation-adjusted average of the past 30 years, according to Munich Re. A smaller portion of losses was insured compared with 2018: about US$ 52bn. This was due, among other things, to the high share of flood losses, which are… Continue reading Tropical Cyclones Causing Billions in Losses Dominate Nat Cat Picture of 2019: Munich Re
Next Insurance Hires Former Fitbit and Yelp Executives
Next Insurance, the leading digital insurtech company transforming small business insurance, today announced the appointment of former Fitbit executive Melanie Chase as Chief Marketing Officer and former Yelp executive Effi Fuks Leichtag as Chief Product Officer. Next Insurance provides digital small business insurance coverage across the US and is upending the traditional industry model by… Continue reading Next Insurance Hires Former Fitbit and Yelp Executives
Munich Re Confirms to Beat 2019 Profit Forecast After Strong Q3
Munich Re on Thursday confirmed that it would beat its full-year profit target in 2019 after a strong third quarter. Net profit for the period was 865 million euros ($958.1 million) compared with EUR483 million a year earlier, while gross premiums written rose by 7.4% to EUR13.74 billion. Major losses totaled EUR981 million in the… Continue reading Munich Re Confirms to Beat 2019 Profit Forecast After Strong Q3
Munich Re Expects to Beat 2019 Profit Target After Strong 3Q
German reinsurer Munich Re on Friday said it expected to beat its full-year profit target in 2019 after a strong third quarter. Munich Re, which is due to report earnings on Nov. 7, said net profit in the quarter would be about 850 million euros ($945.63 million), despite expenses for major losses. The reinsurer’s profit… Continue reading Munich Re Expects to Beat 2019 Profit Target After Strong 3Q
Next Insurance Raises $250 Million from Munich Re
Reinsurance company Munich Re AG has invested $250 million in Next Insurance Inc. in a funding round that valued the small-business insurance provider at more than $1 billion. Munich Re was the sole investor in the Palo Alto, Calif.-based company’s Series C round. Next Insurance offers general liability, professional liability, workers’ compensation and other types… Continue reading Next Insurance Raises $250 Million from Munich Re
AIG Appoints Richard Olsen Chief Actuary, General Insurance
American International Group, Inc. announced that Richard Olsen will join the company as Chief Actuary, General Insurance, effective immediately. Mr. Olsen will be based in New York and will report to Mark Lyons, Executive Vice President & Chief Financial Offer, AIG. Mr. Olsen will lead the General Insurance global actuarial organization, with responsibility for aligning… Continue reading AIG Appoints Richard Olsen Chief Actuary, General Insurance