munich re News

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 …

Re/insurers Join Efforts to Support UN’s Principles for Sustainable Insurance

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 …

Munich Re Q1 Profit Tops $1 Billion; Gross Premiums over $17 Billion

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 …