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Munich Re (Group)

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Is wildfire risk increasing in North America? TOPICS online talked with Munich Re’s Philipp Wassenberg and Mark Bove about the phenomenon and the impacts for the insurance industry. Find out how insurers can help to mitigate wildfire risk at a global, regional or local level: http://bit.ly/wildfire2016
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Tornadoes in Europe are more common than you might think: Between 300 and 400 confirmed tornadoes are recorded each year. But classifying them according to categories and determining the losses they cause are still a challenge. Here's why: http://bit.ly/thndrstorms 
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Some call it a revolution in #cancer #treatment, and with studies finding that it cures Hodgkin's #disease in 26% of patients, it’s easy to understand why. #Immunotherapy is a new form of cancer treatment that has worked wonders for many people, but its effectiveness does differ depending on the type and severity of cancer. It can trigger severe complications. We cannot yet reliably predict what type of immunotherapy is right for each patient, and a lot of questions remain unanswered – especially for the #insurance industry. A close eye must be kept on the risks as this form of treatment matures. http://bit.ly/immpy 
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When it comes to an emergency, everyone needs to be prepared. For example, those living in Australia have a 1-in-3 chance of experiencing a natural disaster in their lifetimes. This free guide from the Australian Red Cross offers simple steps that can help you prepare should disaster strike. Find out more: http://bit.ly/preparednessweek
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4 consequences of #antimicrobial resistance: http://bit.ly/2cGFNee How will life & health #insurance be impacted?
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Infrastructure projects face a vast variety of risks. How can they effectively be insured? Munich Re's Marc Coss shares five tips: http://bit.ly/infraprojct
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Despite spells of economic gloom over the last year, the outlook for #global #insurance has improved. Global #premiums will increase by around 4% on average over the next two years, which is 3% in real terms. This is largely due to differences in life insurance: #emerging countries have a lot of ground to make up, while #industrialised countries will continue to suffer from low #interest rates. In the medium term, Asia will drive insurance sector growth – life insurance is likely to see a double-digit increase, cementing emerging markets in this region as linchpins of global premium growth. Find out what else can we expect in our Insurance Market Outlook: http://bit.ly/emgrowth
The Insurance Market Outlook offers a brief overview of our expectations on the way that insurance markets will develop over the next ten years.
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How Life Science companies can avoid a critical business threat due to drug product shortages

Munich Re again expands the boundaries of insurability and provide business interruption coverage for Life Science companies who suffer
• product suspension events due to manufacturing problems at their own or
• a named third party supplier or
• contract manufacturing facilities.

The coverage replaces
• lost revenues, including ongoing loss of market share, for up to twenty-four months even if production has restarted
• additional costs such as remediation expense, and any necessary product destruction costs

Half of drug shortages in the USA are the result of quality or manufacturing issues
Drug shortages can have a major impact on a Life Science company’s reputation, market share and stock price. According to the FDA over half of drug shortages in the USA are the result of quality or manufacturing issues. The first indication of a problem that might lead to shortage is often the initiation of a recall of finished product from market.

Life Science companies are well-drilled in undertaking recall events and the recall costs themselves are not generally a major financial issue. However if a significant manufacturing problem is the underlying cause of the recall this may well lead to a product shortage. Unravelling the root cause and fixing the problem can be a lengthy process. Where a company’s profitability relies on a single key product, or it has limited free cash flow to fund a revenue gap, a major product shortage can be life threatening to the business.

Munich Re offers enhanced business interruption coverage
Until recently, it was not possible to insure against a production outage due to a GMP manufacturing deficiency. However, Munich Re has developed a solution that provides business interruption coverage for Life Science companies who suffer product suspension events due to manufacturing problems at their own or a named third party supplier or contract manufacturing facilities. The coverage replaces lost revenues, including ongoing loss of market share, for up to twenty-four months even if production has restarted. It also covers additional costs such as remediation expense, and any necessary product destruction costs.
Such a solution is proving to be of great interest, particularly now many Life Science companies outsource many key manufacturing stages to third party suppliers and contract manufacturers.

Click here to learn more about our NDBI Life Science insurance product: http://bit.ly/pharmaiq
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Insurance companies must ensure they comply with sanctions regulations not only on the underwriting side but also in claims settlement. IT-based solutions provide a sound basis but are no substitute for a detailed review of each individual case: http://bit.ly/sanctcompl
Embargoes and sanctions restrict freedom in foreign trade. Insurance companies must ensure they comply with sanctions regulations not only on the underwriting side but also in claims settlement. IT-based solutions provide a sound basis but are no substitute for a detailed review of each individual case.
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As a #business grows, so too does the need to properly manage business interruption #risks. Internal structures that are linked and dependent on each other require sophisticated #insurance products, yet vertical integration makes risk #management difficult and increases the demands placed on #insurers. Our latest Topics Online article looks at how to correctly assess risks and evaluate #losses when complex interdependencies are at play. http://bit.ly/cminter
As business structures become more complex, companies often need more sophisticated insurance products to properly manage their business interruption risks. Narrow vertical integration makes risk management more difficult and increases the demands placed on insurers regarding correct risk assessment and loss evaluation.
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The explosion at Tianjin in China was one of the largest ever marine related losses. Munich Re’s Markus Spielmann shares three lessons learned from the marine insurance perspective: http://bit.ly/tianjininsur
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Munich Re's Christian Fuhrmann shares his thoughts with Re360 at Monte Carlo on the new risks and challenges in the reinsurance industry: http://bit.ly/intviewre360
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Munich Re as a group combines primary insurance and reinsurance under one roof.
Introduction
Risk management is our strength

Munich Re is one of the world’s leading risk carriers and stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. The Group operates in all lines of insurance, with around 45,000 employees throughout the world.

More about Munich Re on our website:
www.munichre.com


IMPRINT:
This imprint applies to all telemedia services of Münchener Rückversicherungs-Gesellschaft.

Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München
Königinstr. 107
80802 München
Germany

Tel.: +49 (89) 38 91-0
Fax: +49 (89) 39 90 56

Münchener Rückversicherungs-Gesellschaft (Munich Reinsurance Company) is a reinsurance company organized under the laws of Germany. In some countries, including in the United States, Munich Reinsurance Company holds the status of an unauthorized reinsurer. Policies are underwritten by Munich Reinsurance Company or its affiliated insurance and reinsurance subsidiaries. Certain coverages are not available in all jurisdictions.

Any description in this document is for general information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product

Board of Management: Dr. Nikolaus von Bomhard (Chairman), Giuseppina Albo, Dr. Ludger Arnoldussen, Dr. Thomas Blunck, Dr. Doris Höpke, Dr. Torsten Jeworrek, Dr. Markus Rieß, Dr. Peter Röder, Dr. Jörg Schneider, Dr. Joachim Wenning

Commercial Register Munich, No. HRB 42039

Supervisory authority: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Bonn

VAT registration number:     DE 129274139

Insurance tax number:        9116/802/00663

Stock quotations supplied by OnVista AG. Munich Re does not guarantee the accuracy of the data.

© 2000–2016
Münchener Rückversicherungs-Gesellschaft
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Contact Information
Contact info
Phone
+49 (89) 38 91-0
Email
Fax
+49 (89) 39 90 56
Address
Königinstr. 107
80802 Munich, Germany