Munich Re chooses Hong Kong as a regional center for marine expertise

Munich Re has chosen Hong Kong as a center of expertise dedicated to marine insurance for the Asia-Pacific region. Offices of Singapore, South Korea, Australia, and New Zealand will be maintained.

This choice allows the German reinsurer to be closer to key markets such as China, South Korea, and Japan. In this class of business, traditional business has suffered from fierce competition. The Hong Kong office will be particularly active in niches such as natural catastrophes affecting marine risks.
Out of the 17 billion EUR (23 billion USD) reinsurance premiums reported by Munich Re in 2013, 10% come from marine, space and aviation activity.