The ongoing spread of Covid-19 was a prominent theme at Munich Re’s balance sheet update in terms of the potential for event interruption and the impact on the life and health sector.
The potential for Covid-19 to disrupt the Tokyo Olympic games was a key issue discussed during Munich Re’s balance sheet update on Friday 28 February.
Torsten Jeworrek, member of the board of management and CEO of reinsurance at Munich Re, revealed that the company has exposure to the Tokyo Olympic games that is in the region of a three figure sum in millions of Euros. He added that there may also be a penetration gap in terms of smaller events in the Asian region.
In the life and health sector, Christoph Jurecka, member of the board of management of Munich Re, claimed a pandemic with fatalities in the hundreds of thousands could cause losses of between €1.4-€1.5 billion ($1.64 billion) in life insurance, though the likelihood of Covid-19 causing this many fatalities is low.
Munich Re, Covid-19, Cyber, Life and Health, business interruption