The run-up to the renewals at one Gregorian calendar month of most of the insurance treaties among the traditional property-casualty section remains heavy. Competition is characterised by low interest rates, high capitalisation of market participants, and so the impact of different capital. there is still ample capability accessible. but pressure on prices, terms and conditions has mitigated off slightly in recent renewal rounds, in keeping with town Re.
Munich Re is following a multi-track strategy. Development among the insurance market is two-tiered: on the one hand, there is sturdy competition in commonplace business, that town Re is addressing with resolute cycle management. On the other hand, there is consistent demand for individual insurance defend sophisticated wants. town Re offers tailored solutions for these wants. "In addition, we've an inclination to are driving innovation forward, sometimes in operation in bike with our cedants," aforesaid Torsten Jeworrek, member of the Board of Management of town Re. "Innovation in areas like development, data analytics, automatic underwriting and supporting digital business models implies that in conjunction with our cedants we've an inclination to unit of measurement able to profit of profitable growth opportunities."
Munich Re has already generated around €500m in premium volume from innovative merchandise. two samples of but town Re is slowly but definitely pushing back the boundaries of eligibility unit of measurement cyber coverage and insuring epidemic risks.
Increasing medical aid and interconnection of the world within the majority space unitas of the economy in addition implies that risks area unit taking up new dimensions. every private individuals and corporations became extra and extra aware of this exposure and unit of measurement seeking insurance protection. international premium volume for cyber insurance is presently around US$ 3bn, but it's expected to rise to US$ 8–10bn by 2020. Thomas Blunck, member of town Re’s Board of Management, said: "We got to fulfill the growing needs of our customers. therefore we've an inclination to unit of measurement systematically increasing our expertise in assessing differing types of cyber risk." managing potential accumulations area unit a really important challenge for the insurance trade. thus on frequently keep up-to-date in assessing new technologies, town Re is driving forward the event of ecosystems with specialist technology companies.
Munich Re is in addition cooperating with partners in developing a fresh product that gives insurance solutions for corporations which may suffer loss as a results of epidemics. it's going to be of interest, as associate degree example, for the tourer trade and airlines once there is a forceful fall in traveller numbers as a results of a pestilence.
The constant growth of the boundaries of eligibility – more and more supported by digital technology – could be a important growth driver for the insurance trade, so of central strategic importance for town Re.
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