- Growing exposure due to internationally organised diamond and jewellery theft
- Jewellers’ block insurance – A market for specialists
- Munich Re: Risk management and prevention in close cooperation with security experts
- 30 years of expertise bundled in the global Centre of Competence Jewellers’ Block
Every year, precious stones and jewellery worth many millions of dollars are stolen. A small briefcase used to transport gems to a jewellery exchange, an exhibition or a dealer can be carrying goods worth several hundred thousand dollars. Diamonds and gold are objects of desire to many people and also attract the criminal element. Jewellers’ block insurance covers all the hazards and risks involved in the diamond and jewellery industry – from the mine to the jeweller’s shop. This includes robbery, theft and other losses in transit and at exhibitions. In 30 years as a risk carrier in this special class of business, Munich Re has built up global expertise which it bundles in its Centre of Competence for Jewellers’ Block in Munich. The business is written in Munich as well as in London.
Lidia Prestipino, Head of the Centre of Competence, at a press workshop in London: "The hazard of high-tech robberies or increasingly brutal attacks is on the rise. As a reinsurer, we always have to keep up with the latest developments. In close cooperation with security experts, we support our clients worldwide in preventing thefts."
Adopting enhanced security measures and sensitising staff in the diamond trade to specific risk moments have helped cut the number of classic-type thefts. But the level of brutality during robberies is increasing. International groups of criminals plan raids like military operations. They know exactly what goods can be sold on the international black market and at what prices.
Prestipino: "Apart from providing financial security, it is our job to offer our clients technical support with their business. With our solid special knowledge and a worldwide network of experts, we offer a comprehensive service: background security checks, tips on technical equipment, security training, and above all fast and competent settlement of claims."
signed Daschner signed Dr. Lawrence
This media information 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 Munich Re. The company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.