It foresaw climate change’s impact; now it uses its insights to educate, advocate, and protect.
It’s rare to be decades ahead of the public consensus on a matter of global urgency, but Munich Re achieved that feat: The company, which provides both reinsurance and primary coverage, first warned about planetary weather changes in 1973 and founded its Geo Risks Research Department a year later to study the subject.
Munich Re has not only become an advocate—“Climate change represents one of the greatest long-term risks of change for the insurance industry,” says Dr. Peter Hoeppe, head of GeoRisks—it has integrated its copious climate data into its underwriting, shared vast quantities of weather information with the public and been among the most aggressive insurers in covering renewable energy, protecting against everything from the risk of a failed geothermal energy project to the warranty on the solar panels on your house.
More recently, Munich Re’s ERGO subsidiary has been among the innovators of “micro-insurance,” which, for a premium equivalent to a few dollars per year, shield some of the world’s poorest and most vulnerable people—say farmers in India—against losses from weather.
Insurance: Property & Casualty
Nikolaus von Bomhard
|Revenues ($M) (Last Fiscal Year)||$69,433|
|Profits ($M) (Last Fiscal Year)||$3,447|
|Market Value ($M)||$28,588|