Insurance market in Australia: interview

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NATHAN Risk Suite - Munich Re

„We are very committed to the Australian and New Zealand markets"

Heinrich Eder, Managing Director, and Scott Hawkins, General Manager Non Life of Munich Holdings of Australasia, comment on the current situation, trends and developments on the (re)insurance market in Australia and New Zealand.

Mr. Hawkins, Mr. Eder, how would you sum up the natural catastrophe situation in Australia and New Zealand at present?

Scott Hawkins: Over the past ten years we have observed an increased frequency of medium and large natural catastrophe events. This has impacted many regions of Australia and New Zealand and has included various perils: earthquakes, cyclones, floods, bushfires and hailstorms.

“Events in the last years have demonstrated that insurers need to focus more on the 'unexpected‘“.

Heinrich Eder, Managing Director, Munich Holdings of Australasia

Heinrich Eder: As much as these perils – unfortunately – seem to be part of life, events in the last years have demonstrated that insurers need to focus more on the ‚unexpected‘. All we know is that perils might now hit us more often, harder or in unexpected places. Insurers need to be financially prepared for such unforeseen large natural disasters. With this publication we want to highlight such scenarios and help our clients through financially stormy days and rough waters to come.

Which developments do you see?

“Regardless of climate variability, constant vigilance is required when assessing your exposure“.

Scott Hawkins, General Manager Non Life, Munich Holdings of Australasia

Hawkins: El Niño and La Niña periods will pose many challenges in the natural catastrophe environment. We may witness more powerful cyclones, increased drought and more bushfires. But regardless of climate variability, constant vigilance is required when assessing your exposure, in order to be more resilient to large natural catastrophes.

How does Munich Re help clients and the people to be more resilient to natural disasters?

Eder: We are very committed to the Australian and New Zealand markets. We have operated here for the last sixty years and offer valuable local and global experience and financial strength and built up unique expertise on all kinds of natural hazards. But there is more to it than that: we are always in close contact with our clients, pay claims swiftly and offer reliable support in difficult times. We stand behind our clients all the way, and this is something they can always expect from us.

Hawkins: Of course, we also demonstrate our strong commitment in terms of the capacity that we deploy in the market. Our local presence and empowerment enable us to bring the Munich Re (Group) balance sheet to our clients in the region.

What does Munich Re contribute to higher resilience?

Eder: When it comes to local engagement, we certainly walk the talk. We are highly driven to helping boost resilience to natural catastrophe events. As a founding member of the Australian Business Roundtable, we actively support the development of a more sustainable, coordinated national approach to making our communities stronger and Australians safer – so that we are able to overcome the expected and even the unexpected.

Get to know our local team.

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Natural hazards in Australia and New Zealand

NATHAN Risk Suite - Munich Re

Floods, cyclones, hailstorms, bushfires, earthquakes and volcanic eruptions – get a detailed overview of the science of natural hazards and their financial impacts.

Risk factors

NATHAN Risk Suite - Munich Re

Climate change, natural climate variability, natcat and resilience – find out about the relevant risk factors.

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This publication is available exclusively to Munich Re clients. Please contact your Client Manager.