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22 June 2015 | Corporate

June 2015: Q the CEO

Question to Philipp Wassenberg,  CEO and President of Munich Re of Canada

Do you foresee a structural crisis for the Reinsurance Industry in Canada, in light of low interest rates and alternative capital markets such as pension or hedge funds?

Due to low interest rates and low spreads, there is a shortage of investment opportunities, and large capital investors are looking for alternative asset classes that meet their return requirements. So a considerable amount of alternative capital has entered the risk market to diversify assets with higher yields – and as it happens  -  also with higher risks.

So yes, structural changes for the Canadian industry have always happened and will happen in the future, but innovative solutions open up new business opportunities and cycle management is more important than ever.

In the given environment, Munich Reinsurance Company of Canada’s strategy is twofold:

  • first, we will continue to write business only at adequate prices, terms and conditions. As a well-diversified reinsurer with extensive know-how, we are well positioned and able to offer tailor-made solutions.For example, multi-year treaties (occasionally incorporating cross-line and cross-regional covers), retroactive reinsurance solutions, transactions for capital relief, and the insurance required for complex liability, credit and industrial risks.

  • And second, with our technical expertise and risk knowledge, Munich Reinsurance Company of Canada is in a position to support rapid-growth industries and to intelligently extend the boundaries of insurability with needs-based covers.

We look forward to working with our risk partners to tackle new and old challenges and we are motivated to deliver the best solutions to fit our client’s needs.

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