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MONTE CARLO, Monaco — While 2015 has not yielded many surprises for reinsurers, the challenges the industry faces means it must innovate to remain relevant, according to Torsten Jeworrek, member of the board of management with responsibility for reinsurance at Munich Reinsurance Co.
“Is everything good? Can we do business as usual? No. Not at all,” he said Sunday during a briefing at the Rendez-Vous de Septiembre reinsurance gathering in Monte Carlo, Monaco.
Reinsurance buyers are becoming more efficient in the way they purchase traditional reinsurance, Mr. Jeworrek said.
He also said that “the old, celebrated pure-catastrophe” monoline reinsurer model has all but disappeared as reinsurers have seen the need to diversify their books of business.
Munich Re will meet the challenges by using its “creativity and know-how” to structure tailor-made solutions for clients, Mr. Jeworrek said.
The reinsurer will continue to expand its U.S. speciality and primary business in areas where rates are still rising, Mr. Jeworrek said.
Munich Re is building relationships with primary insurers and commercial buyers of coverage to develop innovative solutions to emerging risks, said Thomas Blunck, a member of the board of management with responsibility for special and financial risks and reinsurance investments.
Cyber is one area where Munich Re is seeking to develop innovative coverages, he said.
Cyber, he said, “is a highly complex and dynamic risk.”
“And that's good, if we do it right, because it is very difficult to emulate,” Mr. Blunck said.
The risks associated with the geothermal exploration works at the 140 MW Akiira geothermal power project in Kenya will be covered by Munich Reinsurance Co., reported SeeNews Renewables.