munich re News

Too Early to Know Cost of 787 Dreamliner Claims, Says Boeing’s Insurer

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 …

Munich Re in Performance Guarantee Deal with China’s Yingli Green Energy

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 …

Munich Re First to Offer Offshore Wind Energy Serial Loss Coverage

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 …

Best Affirms Munich Re and Subs ‘A+’ Ratings; Outlook Stable

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 …

Munich Re Study Focuses on Rising ‘Cyber Crime’

“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, …

Munich Re Reports Q2 Profit over $1 Billion; 1st Half near $2 Billion

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 …

Flood Risks Rampant across Asia’s Factory Zones; Insurers Concerned

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 …

Geneva Association Survey Targets ‘Inappropriate Regulation,’ Economic Crisis

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. …

Cancelling London Olympics Would Cost over $4.9 Billion: Munich Re

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 …

6 Month Insured Losses at $12 Billion; Nat Cats Less Costly: Munich Re

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 …