“Assessing risk is one of our core competences and Munich Re’s database provides valuable data on natural hazards from 1974 up to today,” said Peter.
“And in terms of risk solutions, insurance and reinsurance play an important role in risk mitigation. In addition to traditional reinsurance covers, Munich Re provides solutions for the renewable energy sector to transfer risks, for example serial loss cover or maintenance overrun for wind parks and LED performance guarantees for manufacturers. Even insufficiency of average sunlight/wind/water for respective power plants is insurable.
“Regarding asset management, we actively invest in infrastructure including renewable energy and new technologies like photovoltaic power plants, wind parks and power grids. Our investment budget is around 8 billion EUR – and we are looking to increase it further.”
All in all, Peter said he was impressed by the active and inspiring discussions among the 120 participants “The profound knowledge of the participants was remarkable. We tackled a broad variety of topics from the too low price level of carbon via the need for more education in climate risk to the role of infrastructure and the need for more regulation.”
"As providers of satellite insurance we are well aware of the threat posed by space debris,” says Riedl. “There have indeed already been cases of satellites being damaged. These satellites were, however, not insured. We keep a close eye on developments and take them into consideration during risk assessments and premium pricing. Nonetheless, a satellite is much more likely to experience a technical problem during lift-off or operation than be damaged by space debris, meteorites or space weather.
"The risk to people or buildings on Earth is considerably smaller, as most space debris burns up when entering the Earth's atmosphere. Only very large pieces or components specifically designed for atmospheric re-entry can survive. These are catalogued and we know exactly when and where they will land. It is also possible to determine the exact landing site of components that can still be manoeuvred, such as spent earth exploration satellites.
“Munich Re's main field of business consists of geostationary communications satellites that orbit the Earth at a distance of approximately 36,000 km (geostationary Earth orbit, GEO). These satellites are not brought back to Earth, but are rather elevated to a so-called ‘graveyard orbit’.”
More about our involvement in the aerospace industry: http://bit.ly/182Z1rc
More about what space agencies worldwide are doing to mitigate man-made space debris: http://iadc-online.org
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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: