Munich Re News

Australia’s IAG Forms Capital-Releasing Deals with Munich Re, Swiss Re, Hannover Re

Insurance Australia Group Ltd. said on Friday it will share 12.5 percent of its premiums and costs with Munich Re, Swiss Re and Hannover Re, in a series of deals that will release capital for Australia’s biggest general insurer. The …

Insurtech MGA Wrisk Gets UK Regulatory Authorization

On the heels of its recent successful crowdfunding raise, the app-based insurtech managing general agent Wrisk has made another major step forward, receiving full authorization from the UK’s Financial Conduct Authority. At the same time being formally admitted into the …

Munich Re’s Ergo Decides Not to Sell Run-Off Life Policies as Offers Too Low

Munich Re’s ERGO unit has dropped plans to sell run-off life insurance policies, saying non-binding offers received by the company were too low. “In ERGO’s view, the current value of the portfolios and its potential appreciation is not adequately reflected …

Hedge Funds Invest in Reinsurance Stocks on Expected Rate Hikes in 2018

Hedge funds bought reinsurance stocks in the third quarter after prices tumbled on widespread losses after multiple hurricanes in North America, filings showed on Wednesday. Hurricanes in the United States and the Caribbean in August and September are expected to …

Growing Climate Risks May Be ‘Impossible to Model’ – and Ultimately Uninsurable

After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …

Munich Re Reports Q3 Loss of $1.6B; Tallies Industry Hurricane Losses at $100B

Insured losses from three big hurricanes in North America this year have cost the industry around $100 billion, German reinsurance giant Munich Re said on Thursday. Damages from storms Harvey, Irma and Maria of that magnitude would exceed by far …

Munich Re Expects Q3 Loss After Hurricane Claims of $3.2B

Munich Re expects claims of €2.7 billion ($3.2 billion) from Hurricanes Harvey, Irma and Maria, which will lead to a third quarter loss of €1.4 billion. The group said it expects a small profit for the full year, as long …

Extreme Rainfall Could Cost South Asian Cities Up to $215B Annually by 2030

As global attention focused on hurricanes Harvey and Irma, more than 41 million people across South Asia battled floods and displacement. From Afghanistan in the west to Bangladesh in the east, floods could cost South Asia — home to a …

Is Hyperloop Transportation Technology Feasible or Insurable?

Hyperloop Transportation Technologies wants to build a tube-based inter and intra-city transportation system to transport passengers and cargo at high speeds. As part of its efforts to gain support, it sought to assure people that its technology is feasible. The …

More Clients Want Cyber Cover with BI, Supply Chain Protection: Beazley, Munich Re

Beazley and Munich Re, through their Vector partnership, have reported strong demand for “holistic cover” to protect against cyber attacks and resulting business interruption and supply chain risks. Vector was established in 2015 to offer tailor-made expertise and capacity for …