Munich Re News

Berkshire Hathaway’s Gen Re Plans to Expand in Indian Market

General Re, a unit of Warren Buffett’s Berkshire Hathaway Inc. which won a license to open an Indian office in May, is seeking a larger slice of the world’s fastest-growing reinsurance market. The unit plans to expand in health and …

Natural Disasters Begin to Hit Profits of Global Reinsurers

A profit warning from one of the world’s largest reinsurers is the latest sign that the death and destruction from a spate of hurricanes and earthquakes in North America are now taking a toll on the titans of global finance. …

Harvey and Irma Jeopardize 2017 Earnings, Says Munich Re

Munich Re, the world’s largest reinsurer, said storms led by Hurricanes Harvey and Irma will probably wipe out third-quarter profit and threaten the company’s ability to meet its full-year earnings target. “These two events are expected to result in high …

Insurers Will Easily Swallow Harvey’s Claims but Growing Climate Risk Predicted

Damages from Hurricane Harvey’s ravaging of Houston and the Texas Gulf Coast are estimated to be well below those from the major storms that hit New Orleans and New York in recent years, insurance executives have said. Though insurers should …

Lloyd’s Insurers’ Stocks Fall on Possible Claims from Hurricane Harvey

Lloyd’s of London insurers dropped amid speculation that they will suffer losses from Tropical Storm Harvey that’s battering Houston, the epicenter of the U.S. oil industry. The storm, which which made landfall as a category 4 hurricane and then drifted …

4 European Reinsurers Maintain Pricing Discipline in Tough Market: Fitch

The four largest European reinsurers – Munich Re, Swiss Re, Hannover Re and SCOR – have largely maintained pricing and policy terms without a significant drop in their business volumes, despite relentless soft market conditions, according to Fitch Ratings. Fitch …

Reinsurers Invest in Fintech Startups to Diversify and Grow in Soft Market

When Micah Carr-Hill wanted to insure Chief, the Labrador that helps with his son’s autism therapy, he found an ally in Munich Re, the world’s biggest reinsurer. The German company had just teamed up with a U.K. internet startup to …

Report Calls out $361M of Euro Insurer Assets in Expanding Coal Concerns

A climate activist group is calling out a handful of European insurers for having significant holdings in fossil fuels despite pledges by the companies to be more climate friendly. A report released today alleges that Allianz, Generali, Munich Re, Swiss …

Natural Disaster Claims Drop 40% to $19.5B in 1st Half of 2017: Munich Re

Insurers paid out around $19.5 billion for natural disaster claims in the first half of 2017, almost 40 percent less than the year-earlier payout of $32 billion, reinsurer Munich Re said on Tuesday. In addition, some $21.5 billion of losses …

Grenfell Tower Insurer, Protector Forsikring, Raises Claims Estimate to $65M

The insurer of London’s Grenfell Tower, where at least 80 people died in a devastating fire, raised its estimate for property and liability insurance claims to 50 million pounds ($65 million) on Friday [July 7]. British police have said the …