MUNICH Re EUR 500 million in premium volume from innovative products
MUNICH Re is pursuing a multi-track strategy in setting up its future business. Development in the reinsurance market is two-tiered: on the one hand, there is strong competition in standard business, which MUNICH Re is addressing with resolute cycle management. On the other hand, there is consistent demand for individual reinsurance cover for complex requirements. MUNICH Re offers customised solutions for these requirements. "In addition, we are also driving innovation forward, often working in tandem with our cedants," said Torsten JEWORREK, member of the Board of Management of MUNICH Re. "Innovation in areas such as product development, data analytics, automated underwriting and supporting digital business models means that together with our cedants we are able to take advantage of profitable growth opportunities." For example, the German reinsurer has already generated around EUR 500 million in premium volume from innovative products, cyber coverage and insuring epidemic risks making the best experiences in this regard.