Munich Re North America Life, part of the Munich Re Group, has unveiled a longevity reinsurance solution targeted at its customers in the US and Canada.
The new offering is designed to help these clients manage biometric risks while accumulating assets.
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It allows clients to transfer the uncertainty of future pension or annuity payments into a predictable cash flow, with mortality assumptions and fees established at the start.
Munich Re said the introduction of this solution comes at a time when insurers and asset reinsurers are facing increased reserve and capital requirements for longevity risks, especially with regulatory changes on the horizon in the US.
Serving the North American market for more than 65 years, Munich Re North America Life, which includes Munich Re Life US and Munich Re Canada (Life), is responding to the growing pension risk transfer market and the balancing act insurers face with mortality and longevity risks.
The Munich Re team in North America is equipped with specialised actuarial, risk and legal expertise, as well as data-driven insights on mortality assumptions, the reinsurer noted.
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By GlobalDataMunich Re North America Life president and CEO Mary Forrest said: “We believe there is significant, untapped demand for longevity reinsurance in the US and Canada markets and we are well positioned to meet it.
“We are known for applying our scale, capacity and insight to solve complex client challenges in ways that enable them to grow their businesses.
“We look forward to partnering with clients to evaluate the impact of longevity reinsurance and to designing a customised approach that supports their specific goals.”
Last week saw HSB, another Munich Re unit, expand its cyber insurance offerings with HSB Home Cyber Protection.
This suite of coverages addresses emerging risks such as connected vehicles, cybercrime, digital wallets and more.
Furthermore, in July, Munich Re’s Risk Management Partners and CGI collaborated to bolster insurers’ capacity to manage climate-related risks.
