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BADEN- BADEN TODAY


Monday October 19, 2015


Munich Re seeks to push boundaries of insurability


drive innovation, conquer new risks and push the boundaries of insurability, Ludger Arnoldussen, member of the board of management at Munich Re, told Baden-Baden Today. “It will be crucial that we as an industry— insurers and reinsurers—are


R capable of


developing new products that suit our clients’ needs better or more comprehensively than in the past,” he said. “Munich Re is devising innovative coverage


concepts that go beyond the scope of traditional reinsurance and, to an increasing extent, also beyond the conventional boundaries of insurability.” Arnoldussen named cyber, energy,


reputational, supply chain and business interruption risks as areas where the industry can innovate and thus find growth. But success will be achieved only by better communication, he said. “To successfully innovate, it is important to


have direct contact with insureds. This access can be achieved either via primary insurance models, or via strategic partnerships,” he said. The expansion of digital networks and the


rapid evolution of hardware and software is opening up significant business opportunities. One example of this is in the area of non- damage business interruption insurance or cyber risk coverage. “Our experts have been working for many


years on cyber risks and enhanced coverage options,” he said. “Munich Re now offers a broad spectrum of reinsurance solutions in this field and is also able to cover accumulation perils such as virus-related losses.”


einsurers and insurers must better leverage their shared knowledge and expertise to


What’s inside


3 DATA & ANALYTICS—SUPPLY AND DEMAND: AON


4 PEAK RE’S DIVERSITY WOOS EUROPEAN CEDANTS


6 FACILITATING GROWTH: DARAG


8 GIC RE: BOUND BY NECESSITY


10 THE INNOVATION GAME: MATRIX


12 SWISS RE’S BADEN-BADEN SURVEY


14 A FAMILIAR HAND: AZ RE


16 GUY CARPENTER SYMPOSIUM REPORT


18 CITADEL RISK: BESPOKE AND EFFECTIVE


Ludger Arnoldussen He cited two other areas where he feels


Munich Re has demonstrated innovation. One is a new coverage concept for reputation risks; another covers launch-plus-life cover for the entire useful life of satellites. This quest for innovation is driven by the


multiple pressures facing the industry which are hindering growth and triggering fundamental change through the growth of new risk transfer mechanisms and further consolidation. Arnoldussen said it will be interesting to see


how the profile of classic reinsurance clients on the primary insurance side will change. “Business models are changing,” he said. “Companies are bringing primary insurance and reinsurance together. The primary insurers are getting bigger and have different demand patterns post-consolidation. (Continued top of page 2)


19 THE DEVIL IS IN THE DETAILS: WILMINGTON TRUST


20 REINSURANCE AWARDS: EUROPE’S BEST


The panel at the annual Guy Carpenter Symposium in Baden-Baden yesterday (Sunday). For a full report from this event, see p16.


Beazley expects robust negotiations on price and terms R


eflecting a sentiment of many other reinsurance buyers, William Mills, group


head of ceded reinsurance at Beazley Group, is seeking to improve the terms, conditions and pricing across all classes of business, he told Baden-Baden Today.


He said that while the company intends to


remain loyal to its long-term reinsurance partners, it is also benefiting from the intense competition between reinsurers on most classes of business. “We


expect improvement www.intelligentinsurer.com | www.bermudareinsurancemagazine.com to pricing across all classes.


are almost universally broadening appetite


continue to achieve in terms, conditions and


Reinsurers their


for additional classes of business,


particularly those reinsurers with a more pronounced focus on US cat, so we continue to see (Continued bottom of page 2)


DAY 1: Monday October 19 2015 | BADEN-BADEN TODAY | 1


DAY 1


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