Main functions and objectives of Geo Risks Research

Munich Re's Geo Risks Research team sees itself as the link between operative underwriting and geoscientific research.

The aim is to make its knowledge available to the company's underwriters and clients throughout the world in order to support them in the risk management of natural hazards. The core functions of Geo Risks Research are as follows.

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  Assessing risks and giving advice: Scientific assessment of geo-risks, case and portfolio analyses (i.e. an examination of the extent to which an individual insured object or a whole portfolio is exposed to certain types of geo-risk, e.g. windstorm, earthquake, or flood) and risk-related advice for underwriters and/or clients; in the event of catastrophes, on-site loss analyses, appraisals, and statistical evaluation of the event; general advisory services. Geo Risks Research sees itself as a global contact for geo-relevant topics.
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  Calculation of costs and prices: An important component of Geo Risks Research's work is MRHazard, the computer model it has developed to assess natural hazard risks. This program was designed to support the calculation of PMLs and prices and to help insurers recognise undesirable developments in premium pricing at an early stage. In the context of pricing, Geo Risks Research also develops aids such as rating maps, price indication tools, and natural hazard guidelines for underwriters.
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  Service products: Provision, maintenance, and further development of service products such as
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    NATHAN (NATural Hazards Assessment Network): an interactive module for the identification of the natural hazard situation at any point on earth;
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    MRNatCatService: a unique natural catastrophe database;
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  Knowledge transfer and training of risk awareness: Publications on the subject of natural hazards (e.g. Topics Annual Review of Natural Catastrophes) and online media; presentations at conferences; courses, seminars, etc. for colleagues, doctoral students, undergraduates in Germany and abroad; participation in national and international expert committees (UNEP, ISDR, ecosense); special projects (Climate Exhibition at the Deutsches Museum 2002/3, TV project Globus 2001), with the aim of contributing to more risk awareness and holistic risk management in everyday practice.