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Munich Re news

News on one of the world’s largest reinsurance companies Munich Re.

Munich Re is a leading global reinsurance company and our news covers its announcements, people moves, results and financial performance, as well as analysis of reinsurance market trends and interviews.

Munich Re adds €1.1bn of COVID-19 losses; 2020 total hits €3.4bn

1st December 2020

Global reinsurance giant Munich Re has reported that its reinsurance operation is set to book COVID-19 related losses of €3.4 billion in 2020, while additional burdens of roughly €500 million are anticipated to come from the pandemic in 2021. For Q3 2020, the reinsurer announced a further €800 million of ... Read the full article

Munich Re’s MEAG acquires 16,000 hectares of US timberland

27th November 2020

On behalf of Munich Re, MEAG has acquired approximately 16,000 hectares of timberland for a low triple-digit million US dollar figure in Southwestern Oregon. These timberlands are mainly situated in the Coast Range and have a dense population of Douglas fir, a highly productive tree species. Because of a series of low ... Read the full article

Munich Re’s HSB Canada releases Sensor System program

25th November 2020

Munich Re’s HSB Canada has introduced Sensor Systems, a solution created for insurers to reduce common property claims. The program aims to monitor, predict and alert customers to risks such as water leaks, pipe freezing and critical temperature changes. John Mulvihill, president and chief executive officer of HSB Canada commented: “Water is ... Read the full article

Munich Re, Porsche form consultancy joint venture

16th November 2020

Re/insurer Munich Re has founded a joint venture with car manufacturer Porsche and its management and IT consulting subsidiary MHP 'FlexFactory' aims to make the production of small series of all kinds of different products in the manufacturing industry more flexible and cost efficient. It also enables customers from the manufacturing industry ... Read the full article

Munich Re’s Q3 profit falls as man-made losses exceed €1bn

5th November 2020

Reinsurer Munich Re has announced a decline in profit to €199 million for the third-quarter of 2020 as its major loss experience swelled to €1.5 billion and its property and casualty (P&C) business fell to an underwriting loss. Munich Re's profit in Q3 fell from the €865 million posted for the ... Read the full article

Munich Re’s HSB appoints Jeffrey O’Shaughnessy to lead treaty division

30th October 2020

Munich Re's Hartford Steam Boiler has appointed Jeffrey O’Shaughnessy to lead its treaty division. He succeeds Tony Trivella, who is set to retire after 40 years of service with the company. O’Shaughnessy reports to Greg Barats, president and Chief Executive Officer of HSB, part of Munich Re. HSB says Trivella will work closely ... Read the full article

Munich Re Speciality launches new cyber, tech E&O Solutions

23rd October 2020

Munich Re Specialty Insurance, a division of the global reinsurer, has launched new cyber and technology errors and omissions (E&O) insurance solutions. The solutions are designed to protect US-domiciled firms with domestic and/or global exposure and are offered on a non-admitted basis for both primary or excess protection. The policies have been ... Read the full article

Generali enters partnership with Munich Re’s ALLFINANZ

22nd October 2020

Italian insurer Generali has announced a partnership with ALLFINANZ, Munich Re’s insurtech subsidiary. Adopting ALLFINANZ will help Generali to improve the accuracy of its life insurance underwriting decisions by enabling it to automatically manage life insurance applications globally. By harnessing ALLFINANZ, Generali will automate each phase of its life insurance application process, ... Read the full article

Munich Re backs EQ One’s earthquake solutions

21st October 2020

Earthquake insurance underwriter, EQ One, has announced a new relationship with Munich Re Specialty Insurance, a division of Munich Re, to add additional capacity to its earthquake solutions. This new partnership enables EQ One to write larger earthquake risks and serve as a single-source solution for broker partners nationwide, in spite ... Read the full article

Munich Re adds €800mn of COVID-19-related losses in Q3

20th October 2020

Global reinsurer Munich Re has added a further €800 million of COVID-19-related losses in its reinsurance operation in the third-quarter of 2020, taking its total for the first nine months of the year to €2.3 billion. The German reinsurer explains that the losses were attributable to various lines of business, including ... Read the full article

Munich Re backed bsurance develops digital insurance solution for kika/Leiner

20th October 2020

Munich Re backed Austrian InsurTech start-up, bsurance, has developed a digital insurance solution for kika/Leiner's furniture stores. The new solution is designed to enable customers to take out extended warranty insurance directly upon purchasing electrical appliances. bsurance worked closely with kika/Leiner to tailor the insurance product to their customer needs. UNIQA ... Read the full article

Demand for cyber cover to rise alongside frequency & severity: Höpke, Munich Re

19th October 2020

The frequency and severity of cyber events is on the rise and as the peril grows in relevance, particularly under COVID-19 conditions, demand for protection is likely to continue to increase, according to Doris Höpke, Member of the Board of Management at Munich Re. As the ongoing pandemic continues to restrict ... Read the full article

Low interest rates impacting profitability of reinsurers, says Munich Re

19th October 2020

After years of eroding rates from excess capacities and low major-loss expenditure, Munich Re says low interest rates, exacerbated by the coronavirus pandemic, are impacting the profitability of reinsurers. As a result, insurance covers are likely to become more expensive, particularly for long-term risks in third-party liability and other lines. Munich Re ... Read the full article

Munich Re adds Stefan Golling to Board

15th October 2020

Munich Re has announced the appointment of Stefan Golling to its Board of Management. Golling will be succeeding Peter Röder’s position in Management of the Global Clients and North America Division. Röder has chosen to step down from December 31st after 30 years at Munich Re, 14 of which he spent on the ... Read the full article

Munich Re partnership targets manufacturing industry

15th October 2020

Munich Re is entering into a strategic partnership with German industrial machine manufacturing group TRUMPF on a new service designed to make customers' production processes more flexible and react faster to market changes. By using a "pay-per-part model" customers are able to use a full-service laser machine without having to buy or ... Read the full article

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