Posted on 04 May 09
Munich Health is the name of the new brand under which Munich Re is now offering its healthcare-sector services to clients and partners throughout the world. Munich Re is thus bringing together under one banner its global insurance and reinsurance know-how, including the related services.
In recent years, the global health market has become one of the fastest-growing sectors of the economy in terms of both insurance and care provision. This trend will become even more pronounced in the future due to advances in medicine and increases in life expectancy. In order to maximize the opportunities this brings, Munich Re has pooled its insurance and reinsurance healthcare specialists in a separate organization for its business outside Germany under the new brand Munich Health.
In future, more than 5,000 experts at 26 locations worldwide will cooperate even more closely to offer top products and solutions for their clients and partners all over the world. To best meet the often highly diversified needs of clients on a local level, Munich Health has established a decentralized organization, which is managed from four regional business hubs in Princeton, Abu Dhabi, Singapore and Munich. “We are thus in a position to closely support our some seven million primary insurance clients and over 400 reinsurance clients,” affirms Wolfgang Strassl, CEO of Munich Health.
Besides risk expertise in the international health market, Munich Health has a broad spectrum of service providers and risk carriers. These extend from pure reinsurers and traditional primary insurers to full-range providers of integrated insurance and healthcare services.
For the next ten years, premium and top-line growth averaging 20% annually is still targeted for the Munich Re Group’s third business field alongside reinsurance and primary insurance. In the 2008 financial year, premium income was approximately €2.7bn.
“In Munich Health, we have a global team of experts that breaks down traditional boundaries and covers the whole healthcare-sector value chain. That is the key to our success,” Mr. Strassl.