Geo Risks Research

Long before "climate protection" and "sustainability" became buzzwords familiar to the general public, Munich Re recognised how important it was to understand the geoscientific principles and decided to set up a separate department to conduct research in this field.

That was in 1974. The first step involved recruiting a geoscientist. He gave support to the Joint Office for Natural Hazards, which was already in place at that time.

As the frequency of natural catastrophes increased, so too did the demand for scientific advisory services. Last century alone, there were more than 50,000 natural catastrophes throughout the world, costing the lives of over 4 million people (not including the victims of droughts and famines).

Since the 1960s economic losses have increased by a factor of nine. Consequently there has been a growing need on the part of the public, politicians, authorities, and insurers to know what is behind these events, where they come from, and what is to be done about them.

Twenty-five staff now work in the Geo Risks Research Department, covering all the pertinent disciplines like meteorology, seismology, geology, geophysics, and geography. They give advice and provide services for all in-house departments (and external users) dealing with issues related to natural catastrophes and needing geoscientific knowledge.

Geo Risks Research also acts as an "information turntable" between operative underwriting, i.e. the acceptance of insurance risks, and geoscientific research. This includes on the one hand giving underwriters advice and support and on the other hand representing Munich Re in a worldwide network of scientists, associations, and political organisations, and taking part in research projects of current interest.