Munich Re is seeing growing demand for weather exposure protection from energy c...
) is seeing growing demand for weather exposure protection from energy companies and their customers as they roll out more renewable energy installations, which are prone to fluctuations.
FILE PHOTO: The logo of reinsurance company Munich Re Group is seen at the main building of their headquarters prior to the company's annual balance press conference in Munich, Germany, March 20, 2019. REUTERS/Andreas Gebert/File Photo Munich Re estimates the annual market at $3-4 billion in the U.S., significantly lower in Australia, more than 1 billion euros in Europe, and $200-$400 million in Latin America, said Rupert Wimmer, senior originator at its Swiss subsidiary New Re.
“The insured risk volume in the weather market for reinsurers increases by around 5% to 10% each year,” he told Reuters during this week’s E-World trade fair. “The main drivers are the rise of renewable energy in the electricity generation mix, and thus the necessity to take cover against volatile production and volatile power prices,” he said, adding that New Re expects new customers to come from Britain, continental Europe, Australia and Latin America.
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