Munich Re
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The carrier’s CFO emphasised that any future loss predictions from the ongoing conflict would be “highly speculative”. -
The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.
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CEO Joachim Wenning highlighted exposure in specialty lines.
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The InsurTech also recently announced a partnership with Munich Re to launch an insurance product for digital-asset insurance.
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The carrier is also expected to book Q1 losses from recent European storms.
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The firm has previously said it will not renew existing contracts in Russia and Belarus, while new business in the countries has been suspended.
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The move comes in a period of heightened people-move activity in the construction and engineering class.
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The second of Insurance Insider’s deep-dive analysis pieces on innovation examines the internal structures and opportunities that can accelerate innovation.
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The first of a two-part series on innovation examines the barriers blocking product innovation in the P&C market.
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The reinsurer will make exceptions if the suspension of business negatively affects persons or companies that need protection.
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Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.
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The reinsurer said nat-cat business is one of its most profitable lines but emphasised that it will also chase growth in life and health and Ergo to reduce long-term volatility.
