Munich Re 'Very Cautious' on Covid Fallout: CFO Jurecka

The video discusses the impact of the COVID-19 pandemic on the insurance industry, focusing on Munich RE's financial performance and the challenges faced due to the pandemic. Despite significant COVID-related claims, Munich RE reported a positive half-year result. The uncertainty of future claims and the potential for a second wave of infections are highlighted, along with the company's cautious approach to future guidance. The discussion also covers the lag time between damage and claims, and the potential impact of global economic conditions on credit insurance.

What major decision did Munich RE make in response to the COVID-19 pandemic?

• They increased their insurance premiums.

• They withdrew their financial guidance for 2020.

• They expanded their business into new markets.

• They reduced their workforce.

How did Munich RE perform financially in Q2 2020 despite the pandemic?

• They reported a loss.

• They broke even.

• They posted a positive result.

• They had no significant financial changes.

What is the main reason Munich RE is cautious about providing a year-end outlook?

• The increase in competition from other insurers.

• The lack of support from the German government.

• The uncertainty of the global pandemic situation.

• The decrease in insurance demand.

What is a significant factor driving Munich RE's claims related to COVID-19?

• Event cancellations and life insurance claims.

• Property damage claims.

• Automobile insurance claims.

• Travel insurance claims.

What does Christoph Jurecka say about the potential for a second wave of COVID-19?

• He acknowledges the uncertainty and potential impact.

• He believes it will only affect Germany.

• He thinks it will have no impact on their business.

• He is certain it will not happen.

What is the expected impact on credit insurance according to Christoph?

• A decrease in claims.

• A delay in claims due to economic factors.

• No impact at all.

• Immediate increase in claims.

What is Munich RE's approach to handling the risks associated with COVID-19?

• They are exiting the insurance market.

• They are increasing their premiums significantly.

• They are reducing their insurance coverage.

• They are well-capitalized and prepared to bear the risks.