MUNICH Re EUR 500 million in premium volume from innovative products
Increasing digitalisation and interconnection of the world in almost all areas of the economy means that risks are taking on new dimensions, both private individuals and companies seeking insurance protection for this exposure. Global premium volume for cyber insurance is currently around USD 3 billion, but it is expected to rise to USD 8-10 billion by 2020, said the MUNICH Re's representatives at a press conference in Monte Carlo.
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.