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Munich Re forecasts challenging geopolitics, weak growth, and ongoing inflation concerns
1st February 2024
The Munich Re Economic Research Outlook for 2024 suggests a challenging economic landscape marked by geopolitical uncertainties, weak growth, and lower inflation. Despite surprising growth in 2023, driven by robust labor markets, wage increases, and better-than-expected conditions in the United States, the report anticipates a slowdown in global economic growth in ... Read the full article
China offers significant growth potential, says Munich Re’s Wenning to China Daily
17th January 2024
In an exclusive interview with China Daily, Joachim Wenning, Munich Re's Chair of the board of management, said that the reinsurance giant currently books an annual premium income of approximately $2.19 billion in China, but expects this to rise in the future given the significant risk in the country. Despite the ... Read the full article
Thunderstorms in US and Europe “more destructive than ever” in 2023: Munich Re
9th January 2024
According to a new report from Munich Re, thunderstorms in North America and Europe in 2023 were "more destructive than ever before", driving overall losses of $76 billion, and insured losses of $58 billion. The reinsurer observed that such high thunderstorm losses have never been recorded in the USA or Europe. "Assets ... Read the full article
Rokstone signs binder agreement with Munich Re to bolster property risks portfolio
5th January 2024
Rokstone, a speciality re/insurance MGA and part of Aventum Group, has signed a binder agreement with Munich Re Syndicate Limited (MRSL) to "bolster the expansion of its international property risks portfolio." According to Rokstone, the binder has a line size of £2m and enables it to underwrite Property risks across several ... Read the full article
Munich Re Automation Solutions launches SARA Interview Screens
19th December 2023
Munich Re Automation Solutions Ltd, a provider of automated underwriting and analytics solutions to the life insurance industry, has unveiled an addition to its arsenal with the launch of the Interview Screens module for its automated underwriting point-of-sale solution, SARA. The SARA Interview Screens module, designed to be lightweight and flexible, ... Read the full article
Allianz Life & Munich Re Automation Solutions to launch SaaS-based underwriting solution
19th December 2023
Allianz Life has partnered with Munich Re Automation Solutions to implement ALLFINANZ SPARK, a SaaS-based automated underwriting and analytics solution. Through this partnership, the pair will be extending the broader relationship between several countries, globally. Allianz Life will help in launching the ePHI offering, digitizing the accelerated underwriting process for insurance, improving ... Read the full article
Munich Re lifts profit target to €5bn for 2024
15th December 2023
One of the world's largest reinsurers, Munich Re, has announced a new net profit target of €5 billion for 2024, as well as Group revenue of €59 billion, and an improved return on investment to above 2.8%. In announcing its Q3 2023 results back in November, Munich Re said that ... Read the full article
Momentum of climate action has been far too slow, says Munich Re’s Rauch ahead of COP28
27th November 2023
As world leaders meet in the UAE this week for the annual COP climate conference, Ernst Rauch, Chief Meteorologist at European reinsurance giant Munich Re, has said that the United Nations is right when it says that climate action can't wait. "With COP28 starting this week, what can be looked at ... Read the full article
Munich Re’s ERGO-FESCO and BMW (China) approved to set up in Beijing
9th November 2023
Munich Re's ERGO-FESCO Broker Company Limited and BMW (China) Insurance Brokers Co. have received regulatory approval to set up in Beijing. Li Yunze, head of the National Administration of Financial Regulation, said at the opening ceremony of the annual Financial Street Forum, “To make it easier for foreign institutions to enter ... Read the full article
Munich Re still very confident ahead of Jan renewals: CFO Jurecka
8th November 2023
With rates in many lines of business now at more appealing levels, Munich Re CFO Christoph Jurecka notes a "very attractive environment" and says the firm is confident heading into the 1.1 reinsurance renewals. "January renewal, we continue to be very confident. I think in many business lines prices are now ... Read the full article
Munich Re posts strong Q3’23 results as P&C combined ratio strengthens to 82%
8th November 2023
European reinsurer Munich Re has lifted its annual guidance for its net result to €4.5 billion after reporting a solid set of third quarter and nine month 2023 results, as the firm closed a third consecutive quarter with a net result above pro-rate guidance. For Q3 and 9M 2023, Munich Re ... Read the full article
Ryan Specialty adds former Munich Re exec Anthony Kuczinski to its Board
2nd November 2023
Specialty insurer, Ryan Specialty Holdings, Inc., has appointed Anthony J. Kuczinski to its Board of Directors, effective October 30th, 2023, where he will serve as a member of the Compensation and Governance Committee. Kuczinski has more than 38 years of re/insurance industry experience, and spent 34 years at Munich Re in ... Read the full article
Munich Re to reinsure battery manufacturer Hithium
26th October 2023
Global reinsurance giant Munich Re has agreed to provide warranty reinsurance for battery manufacturer, Hithium, energy storage systems (ESS). The reinsurer will cover both product and performance warranties. The agreement will thus reduce ESS project owners’ risk as well as Hithium’s, providing system owners with coverage even in case of a ... Read the full article
Munich Re reports preliminary Q3 net result of €1.2bn, sets new annual target
23rd October 2023
Citing consistently good operational performance in all business segments, Munich Re has disclosed a preliminary net result for Q3 of ca. €1.2bn, as the firm remains "well positioned" to surpass the previous annual target of €4bn. Munich Re explained that in property-casualty reinsurance, it reported major losses that were slightly below ... Read the full article
Reinsurance still needs to demonstrate ability to earn sustainably good margins: Munich Re
19th October 2023
With the key January 1st, 2024, reinsurance renewals fast approaching, there remains an imbalance between supply and demand, amid an expectation of limited capital inflow as the market works to deliver sustainably good margins, according to Munich Re's Clarisse Kopff, Member of the Board of Management. Speaking this morning during the ... Read the full article