Munich Re establishes Japanese office as part of expansion strategy

Munich Re has established a branch
in Japan. The move forms an important part of a strategy to expand
life and health reinsurance activities, said Joachim Wenning, a
member of the reinsurer’s board of management.

Life and health reinsurance
premiums increased from 24% of Munich Re’s total premium income in
1999 to 39% in 2009, Wenning added.

Commenting on the new office,
Munich Re CEO Life Asia Daniel Cossette said: “We expect
considerable growth in Japan and Asia over the coming years, as
reinsurance is increasingly being accepted as a capital management
tool and a key source of expertise.”

Munich Re has a decentralised
structure in Asia with the new Japanese office representing one of
nine branch or representative offices in the region.

In the first half of 2010, Munich
Re reported total premium income of €9.9bn ($12.6bn), an increase
of 7.6% compared with the same period in 2009.

Life premium income increased by 9% to €4.2bn or 42.4% of total
premium income.

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