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…
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…
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…
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…
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…
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…
The combination of known risks with a new technology is challenging, Christian Höft, client manager with Munich Re, told Canadian Underwriter one day after the (re)insurer released a comprehensive risk analysis of the Hyperloop technology. Hyperloop Transportation Technologies’ (HTT) technology…
Hyperloop technology – a form of transport in which passengers and goods travel in capsules at high speeds – is both “feasible and insurable in the medium term,” according to a new report from Munich Re. The Hyperloop Transportation Technologies…
With deadly wildfires destroying more than 3,500 properties north of San Francisco, Munich Re is warning that “prime wildfire conditions” may continue in California this winter. “Over the past decade, the United States has seen an uptick in the frequency…
Seven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of…
The global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,…
A firm once described by its co-founder as being “on the lunatic fringe” of the insurtech market plans to provide, in Canada, insurance covering consumer items for accidental damage, loss and theft starting next year. Trov Inc., which is currently…