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6 November 2007 | Reinsurance

Press release

Munich Re support for project to develop a global,
open-source earthquake model / Global Earthquake Model generating information of the highest standard through cooperation between many of the world’s top earthquake experts / Munich Re sees improved opportunities in the medium term for loss prevention and insurability

Munich Re is injecting €5m into an expert model that in its initial stage will for the first time adopt a uniform approach towards representing earthquake risk worldwide. The model will also include regions which previous approaches virtually ignored or failed to observe in sufficient detail. Given the input of knowledge from hundreds of earthquake experts all over the world, the model can thus be regarded as setting new scientific and economic standards.

The project was initiated by the OECD Global Science Forum and conceived in the form of a public-private partnership. The project will be launched at the start of 2008. As a founding sponsor, Munich Re will promote the work of a scientific network of specialists all over the world that will be coordinated by the Swiss Seismological Service at the Swiss Federal Institute of Technology in Zurich, the Geo Research Centre in Potsdam, and the US Geological Survey. The hazard information gleaned from the first project stage will be later extended to allow a description of loss scenarios in a risk model and an assessment of annual loss expectations. In accordance with the open-source principle, the project data will be available for use by anyone interested.

Torsten Jeworrek, member of Munich Re’s Board of Management, appraised the objectives of the Global Earthquake Model as follows: "This global model offers a very realistic opportunity to promote risk awareness and, through increased effort, to enhance loss prevention. Overall, a positive effect can be expected in the medium term for the worldwide insurability of earthquake risk."


The Munich Re Group operates worldwide, turning risk into value. In the financial year 2006, it achieved a profit of €3,519m, the highest since the company was founded in 1880, on premium income of approximately €37bn. The Group operates in all lines of business, with around 37,000 employees at over 50 locations throughout the world and is characterised by particularly pronounced diversification, client focus and earnings stability. With premium income of around €22bn from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of almost €17bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal expenses insurance, and 33 million clients in 25 countries place their trust in the services and security it provides. The global investments of the Munich Re Group amounting to €177bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.


Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.


Note for editorial departments:
In case of enquiries, please contact Dr. Christian Lawrence on +49 (89) 3891-5400 or Irmgard Joas +49 (89) 38 91-61 88.

Munich, 6 November October 2007

Münchener Rückversicherungs-Gesellschaft
signed Dr. Jeworrek           signed Dr. Lawrence

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