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Favourable P&C reinsurance environment to persist at mid-year renewals: Munich Re CEO
25th April 2024
Joachim Wenning, Chief Executive Officer (CEO) of Munich Re, is confident that the favourable market environment for property and casualty (P&C) reinsurers will continue throughout 2024, after a positive January 1st reinsurance renewal period. Addressing shareholders at Munich Re's Annual General Meeting (AGM), CEO and Chair of the Board, Wenning, described ... Read the full article
Munich Re Life US & Clareto unveil new digital solution for life insurance underwriting
23rd April 2024
Munich Re Life US, part of Munich Re Group, and Clareto, a Munich Re company, have unveiled a new digital solution called Automated EHR Summarizer, which is set to ensure efficient and accurate use of Electronic Health Record (EHR) data for automated and programmatic life insurance underwriting According to the announcement, ... Read the full article
Munich Re posts quarterly profit of €2.1bn as P&C reinsurance CoR strengthens
23rd April 2024
Global reinsurer Munich Re has announced a preliminary net profit of €2.1 billion for the first quarter of 2024, as the firm highlights a better than expected operational performance across all lines of business. Munich Re will release its full Q1 2024 results on May 8th, but has today provided some ... Read the full article
Munich Re bolsters P&C underwriting teams in APAC MEA with revised set-up
18th April 2024
Munich Re is to strengthen its P&C underwriting teams in Asia Pacific, Middle East & Africa (APAC MEA) with a revised set-up, which includes two regional divisions and personnel changes at the senior executive level. As Chief Executive, Hitesh Kotak will lead Munich Re's P&C business in Japan, India, Korea and ... Read the full article
American Family Life adopts Munich Re Automation Solutions’ SaaS platform
8th April 2024
Munich Re Automation Solutions has revealed that American Family Life Insurance Company is adopting its cloud-based automated underwriting and analytics solution, ALLFINANZ NOVA. ALLFINANZ NOVA is Munich Re Automation Solutions' SaaS platform that reportedly helps automate and accelerate the life insurance application and underwriting process and enhance the consumer experience. Grant Andrew, ... Read the full article
Munich Re’s HSB Canada names Barbara Bellissimo as President and CEO
8th April 2024
Toronto-based specialty insurer and part of reinsurer Munich Re, HSB Canada, has appointed Barbara Bellissimo as its new President and Chief Executive Officer (CEO), effective April 1st, 2024. She succeeds John Mulvihill, who has retired after a successful 34-year career with the insurer. The insurer explained that under Mulvihill’s leadership, HSB Canada ... Read the full article
Klaus Wilkens named president and CEO of Munich Re Canada
3rd April 2024
Munich Re has announced the appointment of Klaus Wilkens as the new president and CEO for Munich Reinsurance Company of Canada and Temple Insurance Company, the reinsurer’s agency affiliate in the country. An experienced leader with a strong mix of market facing strengths, people leadership skills, and technical underwriting skills, Wilkens ... Read the full article
Munich Re’s HSB unveils cyber insurance coverage for autos
26th March 2024
Seeing cars and trucks as likely targets for hackers and cyber thieves, specialty insurer HSB has introduced Cyber for Auto, a new coverage aimed at helping consumers respond to new exposures. According to HSB, passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, meaning ... Read the full article
Apollo announces Builders’ Risk Consortium in partnership with Munich Re Syndicate and TMHCCI
25th March 2024
Independent specialist re/insurer Apollo has partnered with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International (TMHCCI) to lead its recently launched Lloyd’s Marine Builders’ Risk Consortium. Apollo’s new consortium, which went live earlier in 2024, builds on an established arrangement in which the re/insurer has partnered with MRSL since ... Read the full article
AI brings systematic accumulation risk potential towards portfolios: Munich Re’s Berger
21st March 2024
With artificial intelligence (AI) practically impacting all aspects of everyday life, the number of insurance gaps when using AI has staggered in recent years. Reinsurance giant Munich Re highlighted this in a recent whitepaper that showcased how AI exposures within traditional insurance policies possess the ability to become a significant ... Read the full article
Munich Re HealthTech promotes Bilal Ramadan to Chief Executive Officer
12th March 2024
Munich Re HealthTech (MRHT), a subsidiary of Munich Re, has promoted Bilal Ramadan to Chief Executive Officer. Ramadan will report to Owais Ansari Head of Munich Re Life & Health, MENA, Pakistan & Takaful Business. Ansari commented, “We congratulate Bilal Ramadan for his appointment. His promotion marks an exciting new chapter for ... Read the full article
Munich Re CEO Wenning calls for government support amid rising cyber risks
27th February 2024
In a recent earnings call, Munich Re CEO Joachim Wenning highlighted the imperative need for governmental intervention in the face of escalating cybersecurity threats, shedding light on the limitations of private insurance in covering these risks. Wenning underscored the critical nature of cybersecurity, stating, "Cyber is not just important for us. ... Read the full article
We assume the hard market is going to continue, says Munich Re’s Wenning
27th February 2024
After another year of more than $100 billion of insurance and reinsurance industry losses from natural catastrophes in 2023, and with no major influx of fresh capital, the hard market environment is expected to persist, according to Munich Re's CEO Joachim Wenning. This morning, the global reinsurer reported a strong ... Read the full article
Munich Re posts 2023 profit of €4.6bn, P&C CoR of 85.2%
27th February 2024
Munich Re, one of Europe's largest reinsurers, has reported a net result of €4.6 billion for the 2023 financial year, which is above its revised €4.5 billion profit target announced in October, supported by a reinsurance result of €3.9 billion and an improved performance at ERGO. Despite beating the revised profit ... Read the full article
Insureds need to be aware of potential insurance gaps when using AI: Munich Re
19th February 2024
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. This comes as the industry evaluates how to transfer capabilities in insuring traditional machine learning models to generative AI (GenAI) applications. A recent whitepaper released by ... Read the full article