Munich Re Group

Munich Reinsurance Group is a leading risk management group which offers traditional reinsurance, comprehensive services and consulting to complex risk solutions in life insurance as well as property and liability insurance.

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. The company is globally active and operates in all lines of the insurance business. Munich Re employs over 43,000 people throughout the world.

ERGO, a Munich Re subsidiary, is the Group’s primary insurance arm. The Group offers a comprehensive range of insurances, provision products and services. Life and property-casualty insurance are sold under ERGO’s own name. The offering is supplemented by health insurance from DKV Deutsche Krankenversicherung, legal protection insurance from D.A.S., and travel protection insurance from ERV Europäische Reiseversicherung. And direct insurance can be concluded by phone or online with with ERGO Direkt.

MEAG is the company's asset manager. The firm provides advisory and consulting services for the Munich Reinsurance Group. It primarily provides its services to insurers, pension organisations, pension funds, industrial companies, and foundations. The firm also manages mutual funds for its clients. It invests in the public equity and fixed income markets across the globe. The firm also invests in foreign exchange, commodities, and real estate markets.

Munich Re also runs Munich Re Automation Solutions Ltd, which provides new business and digital underwriting solutions for life insurance companies. Automation Solutions has worked with Financial Services companies such as Pacific Life, Zurich, Aegon, Bank of China and more. Most recently, it implemented its modular AllFinanz platform for Swedbank. The platform provides Swedbank with auto-underwriting capabilities, improves customer experience and improves process efficiency.

Munich Re runs an extensive innovation ecosystem in order to foster new partnerships and develop new propositions. The company has a corporate strategic venture arm, Munich ReVentures, which runs three funds and seeks to discover and invest in companies across a broad range of industries, including: IoT, software, hardware, cleantech, biotech, energy, and health care. Munich Re has partnered with Plug & Play’s IoT and Insurtech accelerators, as well as MundiLabs in order to discover talented ventures in the global tech ecosystem. Their efforts came to fruition in 2019, when they selected insurtech CyberCube's analytics platform to assist with advanced risk modelling capabilities through several cyber risk aggregation scenarios. Munich Re also has an innovation lab in Beijing, which is led by Zi Jia Li, the Managing Director of SiTao Consulting.

In May 2016 Munich Re launched its Digital Partners program, offering insurtech startups data, product development, VC financing and more. It has formed partnerships with startups such as Trov, Slice Labs, Hippo, Getsafe and more.

In 2018 Munich Re's ERGO fund was launched. The fund, worth €100m, aims to invest in early stage startups over the next five years.

In August 2019 Munich Re launched its a claims automation tool suite for responding to hurricanes. The tools include detailed damage predictions days before an expected hurricane, aerial views of damage sites immediately after a hurricanes, and a damage assessment algorithm powered by machine learning. The company hopes the tools will help insurers assess widespread property damage quickly and accurately after a hurricane, and therefore improve customers' claims experience.

Later that same year Munich Re globally extended its fraud detection partnership with FRISS, following a successful co-operation in Latin America and Iberia.

In 2020, Munich Re announced it was setting up FlexFactory: Digital Factory Performance, a new joint venture with Porsche and MHP, Porsche's subsidiary for management and IT consulting. The new venture will offer digital and flexible production strategies and software solutions.

In March 2020, less than 3 years after a catastrophic earthquake in Mexico City, Super Seguros in partnership with Munich Re launched a parametric consumer insurance product. Super Tremblor offers automated payouts using dynamic data on earthquake activity.

Munich Re P&C warned it had seen a big drop in profit after a 'considerable claims burder' in Q1 2020, due to the Covid-19 pandemic. The business made €633m in the first quarter2019, and had a €2.8bn profit guidance for 2020, which has now been withdrawn.

Munich Re Specialty Insurance partnered with Duck Creek Technologies in May 2020 to develop a digital, cloud-based platform for service and product innovation. MRSI will leverage Duck Creek's SaaS OnDemand platform.

In September 2020 Munich Re partners with Farmers Edge to create a data-drive parametric weather insurance solution. FarmCommand, Farmers Edge's risk management platform, helps to automate all data transactions between farmers and insurers, and delivers hyper-local insights, leveraging AI to detect claims and trigger instant payouts.

In March 2021 Munich Re and Allianz Global Corporate & Specialty (AGCS) teamed up with Google Cloud to offer a new insurance exclusively for Google Cloud customers. Cloud Protection+ is a cyber insurance for both first-party and third-party losses, with Google Cloud specific enhancements, leveraging easy data-driven submission and underwriting process which can be tailored to the clients’ specific risk profile.

The following month Aon launched a $75m Covid-19 vaccine global cargo product with insurtech Parsyl, and with Munich Re providing the reinsurance The solution will leverage sensor data and analytics to ensure vaccines stay within the correct temperature range during transport, with real-time reporting to help mitigate against losses.

In April 2021 Akur8 revealed it was partnering with Munich Re - working with the insurer to bolster their Global Consulting Unit's pricing capabilities.

Munich Re announced it would partner with insurer Reale Vida for a flexible, automated, new underwriting solution in November 2021. The new partnership will leverage Munich Re's Simplified Automated Risk Assessment, which is based on the global reinsurers' ALLFINANZ Spark technology, will be used across all sales channels.

In December 2021 Willis Towers Watson and Munich Re worked together to create a parametric "catastrophe wrapper" for a sovereign debt transaction.

In April 2022 Hong Kong's virtual insurer OneDegree signed a three-year strategic partnership with Munich Re to launch OneInfinity, a digital asset insurance product. It makes OneDegree Asia's first licensed insurer to collaborate with a global reinsurer to offer digital asset insurance. The new product is designed specifically for digital asset trading platforms, combining OneDegree insurance with Cymetrics (a sister company of OneDegree) risk solution which helps companies to examine risk from a hackers' perspective.

In July 2022 WTW and Mesoamerican Reef Fund appointed Munich Re and AXA Climate as insurance capacity providers to support the MAR Insurance Programme, which is the main pillar of the MAR Fund's Reef Rescue Initiative. The programme uses fast-paying parametric hurricane insurance in order to fund the restoration of the most endangered reef system. Since the first year of its launch, the program has been a success and as a result, the programme has expanded to cover more coral reef sites.

The group was a participant in the 2022 InsurTech NY InsurTech Accelerator.

During October 2022 the company purchased Apinity GmbH, a company which supplies API solutions in a SaaS form for the insurance industry. Apinity launched in the spring of 2018 as a “Syncier Marketplace” and was part of a high-potential incubator program of Allianz SE Insurance Group.

In November 2022 Schneider Electric, which specialises in digital transformation of energy management and automation, forged a strategic partnership with global reinsurer Munich Re as well as its subsidiary HSB. The purpose of the alliance is to help businesses being resilient by predicting faults and hindrances within their operations in real-time. The partnership will see the companies blending their risk solutions like uptime guarantees and unwarned failure warranties by utilising IoT technology services.

In January 2023 Munich Re partnered with CloudCover, an AI-powered cybersecurity threat prevention platform, to offer a $1m ransomware warranty. Both companies hope the new offering will address the increase in ransomware attacks, especially those on the energy, finance and healthcare industries.

In March 2023 it extended its partnership with parametric flood insurer Floodflash which began in 2020. Munich Re estimated losses from the Atlantic storm season to be more than $100bn, including $56bn of insured losses. Floodflash can establish actual losses from a flood event within48 hours due to its pre-agreed payout amounts.

Also in March, Munich Re Life, in partnership with insurtech Paperless Solutions Group (PSG), announced a new combined risk assessment and e-application product that will allow life insurance carriers to underwrite new policies faster and more accurately. The product combines the risk assessment and instant decision-making capabilities of Munich Re’s Alitheia solution with the application and point-of-sale process of PSG’s eValuate PLUS to achieve straight-through processing (STP) rates that more than double the industry average.