Munich Re embraces digitalisation as necessary to survive

Singapore

STRONG headwinds from rising margin pressures, historically low interest rates, a flood of competition, as well as the possibility of being labelled systemically relevant has not dampened global reinsurer Munich Re's determination to catch the digitalisation train.

In fact, Nikolaus von Bomhard, chairman of Munich Re's board of management stressed it was of "utmost importance" for the group to prepare itself for digitalisation to survive.

"We have our tentacles all over the place now. We have people in Silicon Valley, we have people in London, in Berlin . . . If you can get three or four of those trends, you can survive. But if you miss it all, you won't."

Unlike some players, Munich Re is investing "very little" in start-ups, Dr von Bomhard said, in the region of 10,000 to 20,000 euros…