Live Insurance News

2018 Hurricane Season should be an average one, says Munich Re

May 30, 2018May 28, 2018 Logan B.

2018 Hurricane Season - Hurricane - Storm - Florida

The Germany based reinsurer is predicting fewer storms than 2017’s record breaking year. Munich Re is predicting an average 2018 Hurricane Season. This comes as somewhat of a relief following the record-breaking destruction left behind last year. The 2017 season brought insurance companies approximately $135 billion in costs. Munich Re is the second largest reinsurance company in the world and releases its predictions publicly. The world’s second biggest reinsurance company predicts that there will be notably fewer powerful tropical storms in the 2018 Hurricane Season than there were last year.…

Munich Re profits likely to suffer as a result of 2017 hurricanes

October 31, 2017October 29, 2017 Marc

Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

Munich Re sells Ergo insurance company to Cinven

November 28, 2015November 26, 2015 Julie Campbell

The price of this massive sale has remained undisclosed, but it has moved Cinven up a notch in Italy’s industry. Munich Re has now agreed to sell its Italian insurance company, Ergo to a British private equity investor, Cinven, which has been working to boost the size of its position as an insurer within Italy’s industry. The agreement means that Cinven will be acquiring both the life and property-casualty businesses. Early this week, Ergo stated that the insurance companies it would be selling would be Ergo Assicurazioni and Ergo Previdenza.…

Berkshire Hathaway is pulling back from the property insurance space

July 17, 2015July 16, 2015 Marc

Lloyd’s insurance claims - Home office building

Lower claims and financial losses are good news for insurance providers This year, damage caused by natural disasters has gone down, which has provided property insurance providers with some breathing room in terms of claims payments. While some countries have experienced fairly catastrophic disasters, these events have been somewhat mild when compared to what the insurance industry had to deal with last year, according to a report from Munich Re. Though claims payments are going down, so are premiums, which means that insurers are still seeing some financial stress in…

Munich Re makes a move on marine insurance

October 1, 2014September 29, 2014 Nordstrom

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…