Global reinsurance giant Munich Re has estimated that catastrophe losses affecting the insurance industry globally cost it just $15 billion in the first-half of 2019, below the long-term average. Economic losses from natural catastrophes around the world in the first-half of the year are pegged much higher, at $42 billion, meaning that the insurance and… Continue reading Munich Re Puts H1 2019 Insured Catastrophe Losses at Just $15B
Tag: Munich Re
Roomer Partners with Munich Re to Power Next Generation Travel Flexibility
Roomer Travel and Munich Re have developed a solution that enables Roomer to globally roll-out Flex, its innovative cancellation protection. Flex allows online travel agencies (OTA) and travelers to make their non-refundable bookings refundable. Roomer Travel (Roomer) is an Israeli / US-based start-up that has developed a marketplace for reselling and booking non-refundable hotel rooms.… Continue reading Roomer Partners with Munich Re to Power Next Generation Travel Flexibility
Munich Re Among Insurers for Failed Vega Rocket, UAE Satellite
Munich Re is one of the insurers for the European Vega rocket, which failed after take-off on Thursday, destroying a military observation satellite about to be placed in orbit for the United Arab Emirates, a Munich Re spokesman said. The combined insurance policy for the rocket and satellite totaled 369 million euros ($415.57 million) and… Continue reading Munich Re Among Insurers for Failed Vega Rocket, UAE Satellite
Munich Re Plans to Retain 10% Share of Cyber Market
Munich Re has revealed that it plans to continue focusing more of its business on the growing cyber re/insurance market, with the aim of retaining its current 10% share. The re/insurer earned premium volume of almost US $500 million from cyber coverage in 2018, equally split between primary insurance and reinsurance. Munich Re said that… Continue reading Munich Re Plans to Retain 10% Share of Cyber Market
Curv Partners with Munich Re to Commodify Digital Asset Insurance for Institutional Customers
Curv, the cryptography pioneer securing the digital economy, announced a new partnership with Munich Re, one of the world’s leading providers of reinsurance, to provide insurance protection of up to $50m for digital assets in Curv’s Institutional Digital Asset Wallet Service. Munich Re diligently audited Curv’s cryptography, implementation, quality assurance, deployment and security procedures. The… Continue reading Curv Partners with Munich Re to Commodify Digital Asset Insurance for Institutional Customers
Higher Losses Hit Munich Re’s Q1 2019 Performance
Global reinsurance giant Munich Re has maintained its full-year 2019 profit target of around €2.5 billion, despite recording a decline in first-quarter net income as a result of higher basic losses and greater expenditure for claims from previous years. Munich Re’s Q1 2019 income totalled €633 million, compared with €827 million in the first-quarter of… Continue reading Higher Losses Hit Munich Re’s Q1 2019 Performance
Munich Re to Deploy High-Res Imagery, AI for Faster Hurricane Claim Payments
New methods currently being explored by global reinsurance giant Munich Re could see hurricane victims receive claim payments on their damaged properties in the time it takes them to return to their homes, according to reports from German newspaper Handelsblatt. Artificial Intelligence (AI) will play a key role in enabling this rapid response time, Munich… Continue reading Munich Re to Deploy High-Res Imagery, AI for Faster Hurricane Claim Payments
Munich Re Looks to SMEs and Developing Markets for Cyber Risk Diversification
Global reinsurance giant Munich Re continues to grow its cyber business in-line with the market, and also remains more focused on providing solutions for small and medium sized enterprises (SMEs), according to the Chief Executive Officer (CEO) of its Reinsurance segment, Torsten Jeworrek. Speaking during an analyst and investor call following an announced updated profit… Continue reading Munich Re Looks to SMEs and Developing Markets for Cyber Risk Diversification
Climate Change Could Make Insurance Too Expensive for Most People: Report
Insurers have warned that climate change could make cover for ordinary people unaffordable after the world’s largest reinsurance firm blamed global warming for $24bn of losses in the Californian wildfires. Ernst Rauch, Munich Re’s chief climatologist, told the Guardian that the costs could soon be widely felt, with premium rises already under discussion with clients… Continue reading Climate Change Could Make Insurance Too Expensive for Most People: Report
Munich Re Sees Profit Growth In FY19, FY20
German reinsurer Munich Re announced Wednesday that it expects profits for 2019 and 2020 will continue to rise following the significant increase in profit last year. The company projects an increase of 200 million euros in fiscal 2019 profit to around 2.5 billion euros. The company expects to reach medium-term profit guidance of 2.8 billion… Continue reading Munich Re Sees Profit Growth In FY19, FY20