Munich Re expands to cover disaster risks
While other companies are cutting staff, the world's largest reinsurer is hiring people from different professions to deal with disaster losses
Perfect storms and unpredictable economic crises that dent investment income are the stuff of nightmares for Nikolaus von Bomhard.
As chairman of Munich Re, the world's largest reinsurer in terms of premium income, von Bomhard sits atop a company that covers losses resulting from natural catastrophes, such as heavy rain that may lead to floods, earthquakes and other unexpected disasters. His challenge is to hire the right people to manage these risks.
Many companies are trimming staff these days, particularly banks. But Munich Re is doing the opposite: hiring. The company has been steadily investing in expansion in the Asia-Pacific region, increasing staff numbers by almost 20 per cent since 2009 to about 800, excluding employees of joint ventures.
In von Bomhard's view, professionals from many different disciplines can be successful in the insurance industry. The most important factor is having an inquiring mind. Reinsurers buy policies from insurance companies and share the payout when claims arise.
Munich Re needs people to work with over 4,000 corporate clients from more than 160 countries to ascertain risk profiles and alert customers to new products. It also sells direct insurance products to clients through its ERGO brand in more than 30 countries.
Von Bomhard, who lives in Munich, studied law. He joined Munich Re as a trainee 27 years ago and relishes the challenging work environment.