MUNICH, Germany— In spite of less media attention compared with last year,experts say the risk of a global pandemic is unchanged, according to Munich Reinsurance Co.

According to an analysis published last week by the German reinsurer, "expertsare convinced that a new pandemic is in the cards. The question is only when it will come and how extensive it will be."

Munich Re said there is also a consensus that if the H5N1 virusmutates, "bird flu — a disease hitherto restricted to animals — will be capable of triggering a wave of influenza around the globe."

The alert level on the six-point scale published by the World Health Organization is still at three, Munich Re noted.