“We are venturing into new areas” - Innovation and insurance

2010/03/26

CEO Nikolaus von Bomhard sat down with the Frankfurter Allgemeine Zeitung (FAZ) recently to discuss how reinsurance is helping accelerate technological innovation. Topics ranging from the role of innovation in tackling climate change to Munich Re’s deep commitment to the – “power from the desert” - Desertec initiative were discussed.

On innovation:

“...In a whole variety of ways, especially in the business field of reinsurance, we have been a partner in technological innovations connected with renewable energies right from the start... We help make developments possible that could not otherwise be realised: this is the “developer” function of insurance. .. For decades we have matched technological innovations with insurance solutions that have often been essential for their broad market breakthrough... We take on risk, thereby facilitating investment, and we also invest in projects ourselves...”

“...Innovation can change the risk profile of human behaviour and require adjusted insurance cover…We analyse the possible consequences of new technologies and think them through from the risk point of view... Innovation plays a central role in our business, because one cannot say how much traditional reinsurance will continue to grow. Therefore it is important to be at the forefront of the insurance industry’s development, venturing with new products into areas that others avoid. This applies to all three field of our business, namely primary insurance, reinsurance and our latest addition, international health...”

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