Reinsurance News

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.

Olympics cancellation loss could be “mind-blowingly large”, say reports

27th January 2021

Global insurers and reinsurers are facing a loss of up to as much as $3 billion if the rescheduled Tokyo Olympics are cancelled, according to reports. At a loss of between $2 billion - $3 billion, cancellation of the event would drive the largest ever claim in the global event cancellation ... Read the full article

Munich Re hails Augmented Automated Underwriting (AAU)

27th January 2021

A new report by Munich Re unit Munich Re Automation Solutions has hailed Augmented Automated Underwriting (AAU) as a technology that will revolutionise customer experience in the re/insurance industry. Specifically, the paper examines how AAU builds on and evolves previous technology investments and implementations, and whether the technology is the inevitable destination ... Read the full article

Munich Re backs smart home tech firm Span

26th January 2021

Reinsurer Munich Re has led a funding round for smart home technology firm Span, raising $20 million to support growth and provide integrated energy solutions for homes. Span’s electrical panel enables users to monitor and control their home energy, promoting more convenient and sustainable living. Munich Re Venture’s HSB Fund was joined ... Read the full article

Munich Re US President & CEO to retire in 2021; successor named

12th January 2021

M. Steven Levy, the President and Chief Executive Officer (CEO) of Munich Reinsurance America, Inc., a subsidiary of global reinsurer Munich Re, is to retire in April of next year and be replaced by Marcus Winter. Effective April 1st, 2021, Levy will step down from the company after 23 years of ... Read the full article

Global insured nat cat losses up 44% in 2020 to $82bn: Munich Re

7th January 2021

A record hurricane season, historic wildfires in the western U.S. and a series of events in other parts of the world saw global, re/insured losses from natural disasters increase to $82 billion in 2020, which is approximately 44% higher than in the previous year, reports Munich Re. Economic losses from natural ... Read the full article

Munich Re Automation Solutions expands Sun Life collaboration

10th December 2020

Munich Re Automation Solutions Ltd, an insurtech specialist and part of the Munich Re Group, has expanded its relationship with Sun Life Financial Inc. Currently, Sun Life advisers and clients in Canada are leveraging Munich Re Automation Solutions' cloud and managed services. This new and expanded collaboration provides access to various modules ... Read the full article

Munich Re to halt event cancellation cover for pandemics

8th December 2020

Reinsurance giant Munich Re has confirmed that it will stop writing coverage for events cancelled due to pandemics. Munich Re unveiled its “Ambition 2025” growth and results targets earlier today, which include a targeted return on equity of 12-14% by 2025 and a combined ratio of approximately 95% in property ... Read the full article

Munich Re targets 95% P&C combined ratio each year through 2025

8th December 2020

German reinsurance giant Munich Re has unveiled its "Ambition 2025" growth and results targets, in which the company is targeting a return on equity (RoE) of between 12 - 14% by 2025 and a combined ratio of approximately 95% in property / casualty reinsurance. Underpinned by scale, shape and success, the ... Read the full article

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

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