Insurance Journal » munich re http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 14 Jun 2013 17:31:23 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Munich Re Supports Quake Prevention Project in India http://www.insurancejournal.com/news/international/2013/04/12/288189.htm Fri, 12 Apr 2013 10:18:51 +0000 http://www.insurancejournal.com/?p=288189 Munich Re announced that it is supporting a prevention project in a region in India that is prone to earthquakes. The two-year project in conjunction with GeoHazards International, is aimed at protecting people, buildings and infrastructure in Aizawl, a city …

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]]> Court Says Trial Must Decide Travelers, Reinsurers Asbestos Case http://www.insurancejournal.com/news/national/2013/02/08/280599.htm Fri, 08 Feb 2013 13:31:28 +0000 http://www.insurancejournal.com/?p=280599 New York state’s highest court on Thursday said a trial must determine whether Travelers Cos. deliberately structured a nearly $1 billion asbestos settlement to force its reinsurers to pay more than their fair share. The ruling, the latest development in …

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]]> Too Early to Know Cost of 787 Dreamliner Claims, Says Boeing’s Insurer http://www.insurancejournal.com/news/international/2013/01/30/279420.htm Wed, 30 Jan 2013 20:40:23 +0000 http://www.insurancejournal.com/?p=279420 Boeing Co. has some insurance in case its aircraft are grounded, but it is far too soon to say whether the problems with the 787 Dreamliner will lead to significant claims, the head of the planemaker’s lead insurer said on …

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]]> Munich Re in Performance Guarantee Deal with China’s Yingli Green Energy http://www.insurancejournal.com/news/international/2012/12/12/273622.htm Wed, 12 Dec 2012 10:58:15 +0000 http://www.insurancejournal.com/?p=273622 Munich Re said it is “reinsuring performance guarantees that Chinese photovoltaic manufacturer Yingli Green Energy gives to its customers for multi-crystalline modules. The insurance solution covers the long-term technology performance risk of Yingli’s photovoltaic modules under an agreement with Yingli …

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]]> Munich Re First to Offer Offshore Wind Energy Serial Loss Coverage http://www.insurancejournal.com/news/international/2012/12/04/272620.htm Tue, 04 Dec 2012 10:46:25 +0000 http://www.insurancejournal.com/?p=272620 Munich Re announced that it has “become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A. Wassenberg, Chief Financial Officer of …

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]]> Best Affirms Munich Re and Subs ‘A+’ Ratings; Outlook Stable http://www.insurancejournal.com/news/international/2012/12/03/272472.htm Mon, 03 Dec 2012 11:07:16 +0000 http://www.insurancejournal.com/?p=272472 A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Munich Reinsurance Company and its subsidiaries. Best also affirmed all of Munich Re’s debt rating. The outlook for all …

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]]> Munich Re Study Focuses on Rising ‘Cyber Crime’ http://www.insurancejournal.com/news/international/2012/11/29/272145.htm Thu, 29 Nov 2012 11:07:59 +0000 http://www.insurancejournal.com/?p=272145 “Cyber attacks are a reality and companies need to prepare themselves,” warns Munich Re in a recently released study – “Cost of Cyber Crime” – conducted by the Ponemon Institute. “Advancements in the IT sector are opening up new applications, …

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]]> Munich Re Reports Q2 Profit over $1 Billion; 1st Half near $2 Billion http://www.insurancejournal.com/news/international/2012/08/07/258458.htm Tue, 07 Aug 2012 12:58:44 +0000 http://www.insurancejournal.com/?p=258458 Munich Re’s second quarter earnings report notes that it achieved a consolidated profit of €812 million [$1.007 billion], compared to the €738 million [$915.12 million] it reported in Q2 2011. The report indicated that “underwriting business performed well,” as it …

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]]> Flood Risks Rampant across Asia’s Factory Zones; Insurers Concerned http://www.insurancejournal.com/news/international/2012/07/23/256741.htm Mon, 23 Jul 2012 11:02:50 +0000 http://www.insurancejournal.com/?p=256741 Global insurance companies are struggling to get a grip on their flood exposure in Asia nearly a year after one of the world’s costliest disasters hit Thailand, with executives fearing an even worse event may strike the region. Some firms …

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]]> Geneva Association Survey Targets ‘Inappropriate Regulation,’ Economic Crisis http://www.insurancejournal.com/news/international/2012/07/18/256010.htm Wed, 18 Jul 2012 10:30:37 +0000 http://www.insurancejournal.com/?p=256010 A bulletin from the insurance think tank The Geneva Association notes that “leaders of the insurance industry have significant concerns about the effects of inappropriate regulation and the effects of the current economic crisis,” according to a survey it conducted. …

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]]> Cancelling London Olympics Would Cost over $4.9 Billion: Munich Re http://www.insurancejournal.com/news/international/2012/07/16/255728.htm Mon, 16 Jul 2012 10:00:09 +0000 http://www.insurancejournal.com/?p=255728 Cancelling the London Olympics due, for example, to a security threat would result in damages of more than €4 billion ($4.9 billion), Andrew Duxbury, underwriting manager at Munich Re, told a German newspaper. “This was the sum of the insurable …

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]]> 6 Month Insured Losses at $12 Billion; Nat Cats Less Costly: Munich Re http://www.insurancejournal.com/news/international/2012/07/13/255516.htm Fri, 13 Jul 2012 10:32:25 +0000 http://www.insurancejournal.com/?p=255516 Natural catastrophe losses were “relatively moderate” in the first six months of 2012, concludes Munich Re’s assessment for the first six months of the year. Overall global losses up to the end of June were in the order of $26 …

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]]> Re/insurers Join Efforts to Support UN’s Principles for Sustainable Insurance http://www.insurancejournal.com/news/international/2012/06/25/252763.htm Mon, 25 Jun 2012 10:23:51 +0000 Charles E. Boyle http://www.insurancejournal.com/?p=252763 A number of insurers and reinsurers have agreed to join the UN-backed set of Principles for Sustainable Insurance. The initiative aims to provide insurance tools for risk management in support of environmental, social and economic sustainability.  A bulletin from UK-based …

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]]> Munich Re Q1 Profit Tops $1 Billion; Gross Premiums over $17 Billion http://www.insurancejournal.com/news/international/2012/05/08/246654.htm Tue, 08 May 2012 10:21:24 +0000 http://www.insurancejournal.com/?p=246654 Munich Re bounced back from the disaster plagued first quarter of 2011, posting a profit of €782 million [$1.019 billion] in the first quarter of 2012, compared to a €948 million [$1.352 billion] loss lost year. Gross written premiums from …

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]]> Microinsurance in Rapid Expansion Says ILO, Munich Re Report http://www.insurancejournal.com/news/international/2012/04/10/242676.htm Tue, 10 Apr 2012 10:16:41 +0000 http://www.insurancejournal.com/?p=242676 According to the Microinsurance Innovation Facility of the International Labor Organization and the Munich Re Foundation, “the number of microinsurance schemes worldwide has increased substantially over the past five years and now reaches an estimated 500 million worldwide.” Microinsurance has …

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]]> Ratings Recap: Solid, Jevco, Argus Group, Munich Re (bonds) http://www.insurancejournal.com/news/international/2012/04/02/241695.htm Mon, 02 Apr 2012 09:35:50 +0000 http://www.insurancejournal.com/?p=241695 A.M. Best Europe – Rating Services Limited has upgraded the financial strength rating to ‘B++’ (Good) from B+ (Good) and the issuer credit rating to “bbb” from “bbb-” for Sweden’s SOLID Forsakringsaktiebolag, both with stable outlooks. Solid’s ratings reflect its …

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]]> Ratings Recap – Notes, Pref. Shares: Swiss Re, Fairfax, AXIS, Munich Re http://www.insurancejournal.com/news/international/2012/03/22/240427.htm Thu, 22 Mar 2012 10:57:24 +0000 http://www.insurancejournal.com/?p=240427 A.M. Best Co. has assigned a debt rating of “a+” to the recently issued CHF 320 million [$350 million] 7.25 percent perpetual subordinated notes with a stock settlement issued by Swiss Reinsurance Company Ltd., and has assigned a stable outlook. …

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]]> Munich Re Confirms 2011 Profit at $937 Mn; Forecasts $3.3 Bn in 2012 http://www.insurancejournal.com/news/international/2012/03/13/239179.htm Tue, 13 Mar 2012 13:53:22 +0000 http://www.insurancejournal.com/?p=239179 Munich Re’s official results largely confirm earlier estimates, made at the beginning of February. The world’s largest reinsurer, however, hopes to do a good deal better in 2012 than it did last year. It’s forecasting a profit of around €2.5 …

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]]> Munich Re Sees $933 Million 2011 Profit Despite Cat Losses http://www.insurancejournal.com/news/international/2012/02/02/233991.htm Thu, 02 Feb 2012 19:09:30 +0000 Charles E. Boyle http://www.insurancejournal.com/?p=233991 Munich Re’s estimated earnings figures for 2011 confirm a net profit from its three sectors – reinsurance, primary and health –of €710 million [$933 million], compared to a net profit of €2.43 billion [$3.2 billion] in 2010. Fourth quarter profits rose …

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]]> Court Upholds Travelers vs. Reinsurers in Big Asbestos Award http://www.insurancejournal.com/news/national/2012/01/25/232562.htm Wed, 25 Jan 2012 13:27:41 +0000 Ben Berkowitz http://www.insurancejournal.com/?p=232562 A New York appellate court affirmed a $420.4 million ruling in favor of insurer The Travelers Companies, handing it a victory in one of the longest-running and most complex asbestos-related litigations in history. The dispute has to do with the …

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]]> Best Affirms American Modern Home Insurance and Subs Ratings http://www.insurancejournal.com/news/national/2012/01/23/232368.htm Mon, 23 Jan 2012 21:53:08 +0000 http://www.insurancejournal.com/?p=232368 A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Ohio-based American Modern Home Insurance Company (AMHIC) and its subsidiaries. The outlook for the ratings is stable. Germany’s Munich …

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]]> List of Insured Loss Estimates from Thailand Floods http://www.insurancejournal.com/news/international/2012/01/19/231850.htm Thu, 19 Jan 2012 20:13:57 +0000 http://www.insurancejournal.com/?p=231850 Last year’s flooding in Thailand is shaping up to be one of the worst natural disasters in human history, with insured losses alone estimated at more than $15 billion.       Following is a list of expected losses reported by …

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]]> Earthquakes Prompt Record Insurance Claims in 2011 http://www.insurancejournal.com/news/international/2012/01/04/229387.htm Wed, 04 Jan 2012 14:15:26 +0000 http://www.insurancejournal.com/?p=229387 Insurance industry damage claims from natural disasters like the earthquakes in Japan and New Zealand reached a record $105 billion in 2011, Munich Re , the world’s biggest reinsurer, said on Wednesday. The cost to insurers from the earthquake and …

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]]> Munich Re Describes Climate Conference Results as ‘Disappointing’ http://www.insurancejournal.com/news/international/2011/12/14/227306.htm Wed, 14 Dec 2011 11:09:29 +0000 http://www.insurancejournal.com/?p=227306 From Munich Re’s perspective, the recently concluded climate summit in Durban “yielded disappointing results that fail to reflect the world climate’s dramatic situation.” Prof. Peter Höppe, Head of Geo Risks Research at Munich Re, stated: “Durban has had the effect …

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]]> Munich Re Estimates Thai Flood Claims around $670 Million http://www.insurancejournal.com/news/international/2011/12/08/226630.htm Thu, 08 Dec 2011 11:37:04 +0000 http://www.insurancejournal.com/?p=226630 The widespread floods in Thailand, which reached their highest point in October and November, “are the costliest natural catastrophe in the country’s history,” according to a bulletin from Munich Re. “The economic losses are huge, since key industries are concentrated …

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]]> Insurers Bracing for Thai Flood Claims over $10 Billion http://www.insurancejournal.com/news/international/2011/11/21/224884.htm Mon, 21 Nov 2011 11:30:55 +0000 http://www.insurancejournal.com/?p=224884 Insurers are bracing themselves for claims in excess of $10 billion after floods in Thailand disabled major foreign-owned manufacturing operations there, adding to an already record-breaking natural catastrophe bill this year. Analysts and industry executives say it is too soon …

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]]> Munich Re Posts $400 Million Q3 Profit in a ‘Difficult’ Year http://www.insurancejournal.com/news/international/2011/11/08/223354.htm Tue, 08 Nov 2011 14:30:03 +0000 http://www.insurancejournal.com/?p=223354 Munich Re announced third-quarter profit “in a difficult environment” of €290 million [$400 million], compared to €761 million [$1.05 billion] in Q3 2010. The world’s largest reinsurer singled out the “financial markets, currency translation effects and heavy burdens from natural …

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]]> Best Affirms Munich Re, Subsidiaries, Munich Re America ‘A+’ Ratings http://www.insurancejournal.com/news/international/2011/10/28/221974.htm Fri, 28 Oct 2011 10:41:16 +0000 http://www.insurancejournal.com/?p=221974 A.M. Best Co. has affirmed the financial strength rating (FSR) of  ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Munich Reinsurance Company and its subsidiaries. Best also affirmed all of its debt ratings for Munich Re. The outlook …

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]]> Munich Re: ‘Uncertainty,’ Economic Crisis, Challenge Re/insurers http://www.insurancejournal.com/news/international/2011/10/25/221433.htm Tue, 25 Oct 2011 10:55:56 +0000 http://www.insurancejournal.com/?p=221433 A bulletin from Munich Re names the “sovereign debt crisis in Europe and the USA, a sustained phase of low interest rates and heavy natural catastrophe burdens,” as well as general uncertainty in the re/insurance markets as posing “significant challenges …

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]]> Despite Q2 Profits Munich Re Posts $297 Million 1st Half Loss http://www.insurancejournal.com/news/international/2011/08/05/209545.htm Fri, 05 Aug 2011 10:22:58 +0000 http://www.insurancejournal.com/?p=209545 Munich Re, the world’s largest reinsurer, bounced back into the black during the second quarter of 2011, making profits of €738 million [$1.042 billion], an increase over the €709 million [$1 billion] posted during the same period in 2010. However, …

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