Prospects

The insurance industry expects there to be an appreciable and lasting improvement in the standard of risk management for tunnelling projects, thus reducing the occurrence probability and the effects of loss events. A further aim of the code of practice is to contribute towards keeping such projects insurable.

The success of the code will also depend on the extent to which it is used in the different markets. It is up to Munich Re, as a reinsurer, to convey to its cedants the significance and necessity of the code and join with them in ensuring that it is applied.

Munich Re is represented in the International Tunnel Insurance Group by experienced engineers and is an international market and opinion leader in the insurance of tunnelling projects. Through selective marketing efforts we will continue to raise awareness and acceptance of the code of practice in markets throughout the world so that it becomes an integral part of CAR policies for tunnelling projects.

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