Munich Re and Ping An Insurance from China… have both announced that they will be working together in their first co-operation to create insurance products and services that they can offer to Chinese renewable energy companies. In a joint statement, the insurers said that they hope to develop solutions that will minimize the risk that investors face with renewable energy, so that larger projects of this nature will actually become possible. A spokesperson from Munich Re declined to make a statement regarding whether or not the two companies intend to…
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U.S. to be a “weather-ready” nation as the federal government takes measures to guard against destructive weather
To date, the cost of natural disasters befalling the U.S. has reached $35 billion. The year is not yet over and the National Oceanic and Atmospheric Administration (NOAA) predicts several turbulent storms crowding the horizon. While there can be no guarantee whether these storms will actually come to pass, the federal government is not willing to suffer more losses at the hands of nature. NOAA, along with the National Weather Service, is now tasked with making the nation “weather-ready.” The initiative aims to provide protection to communities throughout the nation…
Read MoreAuto insurance in China now includes Swiss Re and Munich Re
With the goal of growing their premiums, both Munich Re and Swiss Re Ltd. have announced that they are headed into China to assist local auto insurance companies in the writing of a greater amount of coverage within the largest auto market on the planet. The world’s second largest reinsurer, Swiss Re, has already stated that the premiums in China for the first two quarters have exceeded $1 billion, which is significantly higher than the $885 million that was seen by the same time last year. According to the Munich…
Read MoreReinsurance industry’s future is stormy, may be at risk in the event of a major natural disaster
The global reinsurance industry is under enormous pressure to quickly recover from the calamitous events that happened all over the world earlier in the year. Natural catastrophes have taken a massive toll on insurance companies worldwide, and as these companies hemorrhage money, so too do reinsurers as they pour funds into these companies to keep them afloat. While the severity of disasters occurring earlier in the year has not been overtly cataclysmic, the frequency in which they occurred has put strain on a somewhat unstable global economy. Now, insurance and…
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