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NEWS ALERT
July 15th, 2015
 
 
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NEWS Alert

MUNICH Re's representative office in Russia closed
by oleg.doronceanu@mxp.ro, 2015-07-14
One of the leading international reinsurers - MUNICH Re - has closed recently its representative office in Russia and will continue to serve local customers directly from Germany, according to Russian newspaper VEDOMOSTI.
The publication reported that MUNICH Re has taken this decision aiming to improve the efficiency of its Russian business, which will ensure its future profitability. Also, the exit comes as a result of a combination of factors - relatively narrow market of the Russian Federation with a poor economy, low quality risks and no prospects to improve performance.
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Nicola RAUTMANN, Market Executive Austria & CEE and Christian KREUTZER, Director, Market Head Russia & CIS - SWISS Re
Recently, SWISS Re organized their annual event dedicated to the Russian market - SWISS Re Summer Reception - and presented its plans and expectations regarding the development and future perspectives of the company on the Russian market. More than 100 representatives of the top insurance, reinsurance and brokerage companies attended the event in Moscow.
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John SCHOONBEE, Chief Medical Officer, SWISS Re
The European Insurance Report 2015, released by SWISS Re in June 2015, is based on a survey of 13,000 people across 13 countries in Europe and the Middle East. The Report looks into attitudes towards what life and health insurance products people have in place, where the gaps are in their protection and focuses on possible solutions to help with the financial consequences of unexpected health shocks, especially for sudden disability or serious illness. According to the Report's findings, collectively, the total level of underinsurance in the countries surveyed is currently around EUR 750 billion. Assuming that people would need a 60% replacement income if unable to work because of illness or injury, the report finds that at current levels replacement income would barely cover 40% for most people.
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