Munich Re wants to help the re/insurance industry approach the cyber challenge as an opportunity for “sustainable new business,” rather than as an insurmountable obstacle to be overcome.
This is according to Jurgen Reinhart, Munich Re’s Chief Underwriter for Cyber, who told Reinsurance News that the company was “ready to accept the challenge” of tackling cyber as it continues to build up its internal expertise.
“We cautiously participate in growing primary and reinsurance business worldwide and are aiming to keep our 10% market share in the growing cyber market,” Reinhart said in an interview.
“Our approach is based on understanding cyber risks, assessing them adequately and thus making them insurable. This can only be done in close cooperation with experts from insurance and reinsurance, insureds and external partners, in order to develop a common understanding of how cyber risks should be dealt with,” he explained.
“In addition to risk transfer, this also includes risk management services and security measures. To this end, we deploy our global cyber teams and rely on a network of renowned external partners to complement our own knowledge and range of…
