Munich Re News

Munich Re 2020 Profit Plunges 55% as Pandemic Takes Toll

FRANKFURT — German reinsurance group Munich Re expects net profit to bounce back this year after more than halving in 2020 as the coronavirus crisis helped drive claims to a near-decade high. Major losses in 2020 for the virus and …

Insurers Face ‘Mind-Blowingly’ Large Loss if Olympics Canceled

LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the Games are …

Munich Re to no Longer Cover Events Canceled for Pandemics

FRANKFURT/MUNICH — German reinsurance group Munich Re will no longer insure against events canceled due to pandemics, a board member said on Tuesday. The world’s largest resinsurer is making the change after it faced large losses this year in the …

Claims Business: CogniSure, Spruce and Agero

CogniSure Launches Loss Run Analytics Tool CogniSure announced the launch of a product that uses artificial intelligence to extract loss run data from insurance carrier reports that come in a variety of formats. The company, with a U.S. headquarters in …

Moody’s Says Wildfire Losses May Hit $8B in a Year Marked by Catastrophes

Moody’s Investor Service said Wednesday that wildfires in the U.S. West have caused $5 billion to $8 billion in insured losses so far — an amount that would make it the third-worst year for fire damage in U.S. history. The …

Munich Re Among Insurers Facing ‘Major’ Beirut Blast Losses

Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut. Property damage alone from the blast, which killed at least 171 people …

Sources: Insured Losses From Beirut Blast Seen Around $3 Billion

Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest …

Zurich Drops Cover for Canada’s Trans Mountain Oil Pipeline

Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from …

Claims People: SCA, AqualisBraemar and Munich Re

SCA Appraisal Appoints Director and Managers SCA Appraisal has created a new Customer Success division and appointed Monica Diaz as its senior director. SCA, based in Burbank, California, appointed Lucano Figueroa to lead the division’s Financial Services/Government Group, Yesenia Barreto …

Munich Re Expects $1 Billion Bill For Coronavirus Claims

FRANKFURT — Munich Re said on Thursday it expected to receive claims for canceled or postponed events because of the coronavirus crisis in excess of 1 billion euros ($1.08 billion) this year after it posted a 65% drop in first-quarter …