Canadian Underwriter

Munich Re

3D render of a topographic map of the US East Coast and the Gulf of St. Lawrence with the clouds from September 24, 2022's Category 4 Major Hurricane Fiona over Nova Scotia, Canada.
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Hurricane season has started. What can the industry expect?

June 1, 2023 by Alyssa DiSabatino

The 2023 hurricane season is shaping up to be near normal as the current ocean temperatures (which fuel hurricane activity) and the El Niño patterns (which hinder it), are converging to neutralize one another, industry outlooks suggest.  For the P&C

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Munich Re’s global growth target in 2023

February 27, 2023 by Alyssa DiSabatino

Munich Re is aiming for a profit of 4 billion euros (Cdn$5.8 billion) in 2023. The global reinsurer posted a profit of 3.4 billion euros (approximately Cdn$4.9 billion) in 2022. Its gross premiums written amount to 67 million euros (Cdn$96.5

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Munich Re to stop its backing for new oil and gas fields

October 11, 2022 The Associated Press

BERLIN (AP) – Munich Re, one of the world’s biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April. The company said it will also no longer invest in or insure new

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News Climate Change

How reinsurers are helping banks to assess their climate risk

February 24, 2022 by Alyssa DiSabatino

After Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he

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News Climate Change

A 2-step process for the P&C industry to meet Paris Climate Agreement targets

February 23, 2022 by Alyssa DiSabatino

Global reinsurer Munich Re’s CEO said we will not meet the Paris Climate Agreement targets without a “technological restructuring.” The executive explained what that might look like — and how to get insurers back on track towards meeting the targets

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Four uninsurable cyber risks

November 2, 2021 by Greg Meckbach

Losses caused by cyber wars – and widespread outages of electricity and telecommunications – are essentially uninsurable, Munich Re experts suggest. “Historically, in property insurance, damages caused by war have been seen as uninsurable,” said Tim Zeilman, vice president and

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Why COVID-19 cost this reinsurer $1.2 billion in three months

May 12, 2020 by Greg Meckbach

Event cancellation is a major reason for the sharp increase in Munich Re’s first-quarter reinsurance claims. Munich Re reported €800 million in COVID-19 related losses in the three months ending March 31, “particularly in event cancellation insurance.” Munich Re’s claims

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Large reinsurer to stop writing oil sands business: Memo

October 15, 2019 by Greg Meckbach

Concerns about climate change from human-produced greenhouse gas emissions may have prompted the world’s largest property and casualty reinsurer to stop writing some business for oil sands sites, according to an unverified document obtained by Canadian Underwriter. Facultative reinsurance covers

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Munich Re not saying how many Canadian jobs may be cut as part of worldwide staff reductions

March 19, 2018 by Greg Meckbach

Munich Re, which spent over $4 billion in 2017 for three hurricanes alone, is not saying how many jobs – if any – it is cutting in Canada. Published reports Thursday quoted Munich Re officials as saying the German reinsurer

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Was 2017 the costliest year ever for insured losses?

January 8, 2018 by Jason Contant

Munich Re has confirmed what industry analysts have long speculated — the hurricane trio of Harvey, Irma and Maria made 2017 the year of the highest global insured losses ever. The final insurance bill for those three hurricanes and other

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Munich Re reports Q3 combined ratio of 160.9%, predicts 112% for full year

November 9, 2017 by Canadian Underwriter

Despite losing about 2.7 billion euros on three recent North Atlantic hurricanes alone, Munich Re said Thursday it is “expecting to generate a small profit” this year. Munich Re released its financial results for the period ending Sept. 30, reporting

News CatastrophesClaimsEarnings / RatingsInsuranceReinsurance

Hurricanes expected to deliver 1.4 billion euro hit to Munich Re in third quarter, total tally estimated at 2.7 billion euros

October 26, 2017 by Canadian Underwriter

Exceptional major-loss expenditure related to hurricanes Harvey, Irma and Maria (HIM) are expected to result in Munich Re posting a loss of 1.4 billion euros in 2017 Q3, reducing the (re)insurer’s previously anticipated full-year profit. Emphasizing that current estimates “are