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Reinsurance News

Munich Re

Munich Re partners with insurtech Betterview for drone imagery, analysis, reporting

18th January 2018

Global reinsurance player Munich Re has entered into a partnership with insurance technology and drone start-up Betterview, that will see the Munich Reinsurance America, Inc. unit offering drone imagery, analysis and reporting to its insurance company clients. Munich Re will refer any of its insurance company clients that might benefit from ... Read the full article

Munich Re’s Ergo sells legal insurance subsidiaries to Allianz

10th January 2018

German insurance and reinsurance group Munich Re has sold three of its ERGO Group operated legal insurance subsidiaries to Allianz Group. ERGO Group AG has sold its legal protection insurance subsidiary DAS Switzerland and the assets of DAS Luxembourg and Slovakia to Allianz, as it seeks to rationalise its primary insurance ... Read the full article

Munich Re & easyJet develop business interruption cover for flight cancellation risks

9th January 2018

Reinsurance giant Munich Re and low-cost carrier airline easyJet have collaborated to create a new insurance product that is designed to provide business interruption style coverage to airlines when major flight cancellation issues occur. The comprehensive cover is being described as the first product to protect airlines against the costs of ... Read the full article

2017 insured losses from nat cats almost 3x above average: Munich Re

4th January 2018

At $135 billion, insured losses from global natural catastrophe events in 2017 were nearly triple the ten-year, inflation-adjusted average of $49 billion, driven by the costliest hurricane season on record, according to reinsurance giant Munich Re. Economic losses from natural catastrophes totalled a huge $330 billion in 2017, making it the ... Read the full article

Munich Re acquires additional 11% of Global Aerospace shares

15th December 2017

Munich Re has agreed to buy an additional 11% of the shares in Global Aerospace Underwriting Managers Limited, the company that manages the Global Aerospace Pool. The acquisition brings Munich Re's total shares up to 51%, with the remaining 49% split with a subsidiary of Warren Buffett's Berkshire Hathaway. “We are fortunate in ... Read the full article

Nearly a third of U.S. businesses experienced a data breach: Survey

13th December 2017

According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article

Marc-André Giguère named President & CEO of Munich Re, US (Life and Health)

8th December 2017

Global reinsurer Munich Re has announced that Marc-André Giguère is to replace Michael DeKoning as President and Chief Executive Officer (CEO) of Munich Re, US (Life and Health), effective January 1st, 2018. The reinsurer announced that after ten years leading Munich Re US (Life), DeKoning has decided not to renew his contract. Under ... Read the full article

IAG enters into risk sharing deals with Munich Re, Swiss Re, Hannover Re

8th December 2017

Insurance Australia Group Limited (IAG) said this morning that it has entered into reinsurance arrangements with three of the biggest companies in the world, as it looks to better manage the volatility in its results. The 3 quota share reinsurance agreements will see IAG cede 12.5% of its underwriting business through ... Read the full article

“2017 Hurricane season looks like a foretaste of the future”: Munich Re

5th December 2017

2017 has been the costliest hurricane season on record as well as the busiest since 2005 with overall losses estimated at $215 billion. According to Munich Re, this could be a foretaste of the increased intensity of natural catastrophes that reinsurers face in the future. Within a span of just four weeks, Harvey, ... Read the full article

Munich Re CFO Schneider calls for IFRS 17 delay: FT

4th December 2017

According to the Financial Times, the CFO of German reinsurance giant Munich Re has joined other companies calling for a delay to the implementation of the IFRS 17 (International Financial Reporting Standards) international accounting regime. IFRS 17 is an international IFRS Standard for the accounting of insurance contracts. The rules are ... Read the full article

Munich Re CEO says profits to remain stable, but lower than previous years

30th November 2017

Munich Re CEO Joachim Wenning told journalists at an informal meeting yesterday that the reinsurance firm aims to keep profits stable at EUR 2 billion or more, but that it is unlikely to return to levels seen in prior years. For 2017 Munich Re is only forecasting a small profit, following ... Read the full article

ERGO management withdraw sale of life insurance firms

29th November 2017

The Board of Management of ERGO Group has decided to close discussions on the sale of its German life insurance companies with traditional life insurance portfolios, saying offers weren't high enough. The decision follows an in-depth assessment of non-binding offers submitted by potential buyers. Markus Rieß, Chairman of the Board of Management of ... Read the full article

Munich Re’s Ergo to launch industrial insurance unit

24th November 2017

German insurer Ergo, a division of global reinsurer Munich Re, has revealed plans to launch a new industrial insurance unit as part of its restructuring and has also announced changes to management. Mathias Scheuber will become head of the group’s subsidiary Ergo Versicherung AG, replacing Markus Hoffmann who will remain in ... Read the full article

Europe’s big four hit with record Q3 losses but capitalisation remains strong: Fitch

16th November 2017

The capitalisation of Europe's big four reinsurers remains strong, despite a heavy hit to earnings after significant claims from hurricanes Harvey, Irma and Maria (HIM), the Mexico earthquakes and the California wildfires could make Q3 a record year for reinsurers' catastrophe losses. Rating agency Fitch said that while all four reported significant ... Read the full article

Rate increases could be higher than in 2011: Munich Re

15th November 2017

According to reinsurance giant Munich Re, the post-loss rate increases coming at the January 2018 and future reinsurance renewals could be higher than those witnessed after the 2011 earthquake industry losses. While overall industry losses to insurance and reinsurance interests may be less than seen in 2011, the way 2017's loss ... Read the full article

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