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Insurance technology solution developed by Munich Re and RIB

May 30, 2014May 27, 2014 G. Turner

rebuild construction replacement insurance technology

The IT based strategy is meant to help to better gauge the risks related to construction projects. Munich Re is combining its experience with risk with the iTWO Technology from RIB in order to develop the first insurance technology in the world that is designed to be used as an IT based product for large construction projects. It is meant to cover unexpected rises in the construction costs of large-scale projects. The two companies have now entered into an insurance technology exclusive agreement that is meant to allow them to…

Insurance industry is seeing a hugely costly winter

March 14, 2014March 12, 2014 H. Cutner

Some have said that this will be among the 5 most expensive winters in over 30 years. The Insurance Information Institute has now released its predictions about the costs associated with this last winter for the insurance industry, and has determined that the payments resulting from storms have now reached over $1.5 billion. As this week has shown in many parts of the country, the snowstorms aren’t done for the year. Now, the Verisk Analytics Property Claims Services firm has estimated that there were already about 175,000 claims paid to…

Insurance industry is seeing heightened East Asian typhoon activity

November 14, 2013November 12, 2013 Julie Campbell

2017 atlantic hurricane season Insurance industry

Munich Re has warned that this part of the world is experiencing a growing number of violent storms. The insurance industry is recognizing a changing weather trend in East Asia, where the number of typhoons and other highly destructive, violent storms are becoming an increasingly common occurrence. The insured losses over the last thirty years in that region have passed the $6 billion mark. These costs to the insurance industry have come primarily from floods and typhoons. However, over recent years, it has become clear that this is likely to…

Climate change threatens insurance industry

October 12, 2012October 12, 2012 S.Vagus

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…

Insurance news from Munich Re shows that it will see “profitable growth”

October 12, 2012October 12, 2012 H. Cutner

The reinsurer has announced that it expects to boost its industry coverage business. Munich Re has made insurance news with its latest statement, which has indicated that it expects to be able to increase the size of its industry coverage business, which offers corporate clients both insurance and reinsurance. The last cycle has already shown notable increases, and this does not show signs of halting. The head of the corporate insurance partner unit for Munich Re, August Proebstl, stated that “We have shown that we can achieve profitable growth in…