Not if, but how
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About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The corporate group consists of the reinsurance and ERGO business segments, together with the capital investment company, MEAG. The Group operates in all lines of insurance. Ever since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its particularly sound financial position. It also offers its clients financial protection when faced with extraordinarily high levels of damage – from the 1906 earthquake in San Francisco right through to the series of Atlantic hurricanes that occurred in 2017. Munich Re possesses outstanding innovative strength, which enables it to also provide cover for extraordinary risks such as rocket launches, renewable energies, cyber attacks or pandemics. The company is playing a key role in driving forward the digital transformation within its industry and in doing so is increasing its ability to assess risks and expanding upon the range of services that it offers. Its tailor-made solutions and close proximity to its clients make Munich Re one of the world’s most sought-after risk partners for the economy, institutions and private individuals.

One Cat

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Comprehensive and rapid response to natural catastrophes

When a devastating natural catastrophe strikes, companies and organisations need their insurance claims to be settled quickly in order to avoid cash flow problems. Traditional covers often only respond after lengthy claims adjustments, and leave gaps in costs associated with restoring to the pre-event level. To close these gaps, Munich Re has designed “One Cat”, a tailor-made solution concept with an unprecedented level of transparency and a very simple payout process.

Cover when you really need it

After a natural disaster swift and comprehensive reaction is key. Therefore Munich Re’s Corporate Insurance Partner has developed new parametric solutions such as One Storm and One Quake. These products are triggered when the severity of a tropical cyclone or earthquake reaches a pre-defined wind speed or quake magnitude in a certain area. Payment follows immediately, and is only adjusted to the actual loss at a later stage.

Key advantages of our One Cat covers

Speed:
Parametric triggers ensure rapid recovery thanks to a simple and quick payout process that provides liquidity when you need it most. No physical damage is required.
Closing gaps:
Previously uninsurable risks arising from natural catastrophes can be covered – such as evacuation expenses, loss mitigation costs and other costs hard to insure traditionally. The product is easily customizable and allows you to limit your risk in a cost-efficient manner.
Unprecedented level of transparency:
Pre-agreed independent third parties provide the data needed to trigger the cover - this information can be accessed immediately after the event.
No deductibles:
Parametric products typically don’t have a deductible, so there is no financial commitment from your side once all triggers have been met.
Reduced claims-related expenses:
The simplicity of the payout process substantially reduces administrative costs.

Specialised One Cat products

With Munich Re’s One Storm and One Quake, our clients can specify triggers and payouts of up to US$ 5 million (or higher on request) per location or defined area.

   

© Getty Images/Science Source

One Storm Parametric storm cover

One Storm is a new and fully customizable parametric trigger solution especially for tropical cyclones. It allows you to determine your own pre-defined triggers and payout amount. Should a tropical cyclone in a certain area exceed specified wind speeds, a payout is triggered. Tailor-made patterns ensure that the cover is suited to your individual exposures. Read more


© Getty Images/Science Source

One Quake Parametric earthquake cover

Should the intensity of an earthquake in a certain area exceed an agreed threshold, Munich Re pays out according to a pre-defined pattern. Different levels of payout can be agreed for different quake intensities and can be based on several variables, e.g. distance from epicentre, depth of EQ and/or the soil conditions, depending on your specific needs. Read more

For further information, please contact:
Further Information
Munich Re Experts
Stefan Mathijssen
General Contact & Product Manager
Tel.: +65-63180461
Oliver Quast
Property
Tel.: +49 (89) 3891-2215
Fabrizio Zoni
Energy
Tel.: +49 (89) 3891-5372
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