15 Annual Report 2020 Weather Agro Weather risks have a substantial financial impact on businesses in all economies Sectors affected include energy and agri culture construction real estate trans port hospitality leisure and many more Worldwide the impact of climate change is noticeable and increasingly evident in the form of exceptionally mild winters cool summers and periods of sustained drought or low wind levels The volatility of weather has seen pro active risk management of extreme events gain more attention worldwide While cor porate and public entities have long used insurance to manage the risk of cata strophic weather events weather covers have more recently gained relevance and are becoming an important risk manage ment tool As part of Munich Re s global Weather and Agricultural Risk unit which also runs teams in Houston and Munich we in Zu rich offer tailored risk management solu tions that provide financial relief to enti ties whose revenues are sensitive to the influence of weather Our financial hedg ing instruments are used to manage weather driven fluctuations in financial and operational key performance indica tors The NewRe based team s focus is in en ergy clients both conventional and re newable production in Europe Asia Pacific and Latin America The main exposures covered are temperature rain fall sunshine and wind risks With our strategy we aim to develop new client re lationships in all markets to further ex pand and diversify the portfolio Life In the context of today s intense competi tion with challenging financial markets and stringent rating and solvency require ments active capital and risk manage ment is becoming increasingly important for life insurance companies NewRe addresses such needs by provid ing risk management solutions tailored to our life reinsurance clients worldwide With our structuring capabilities we con tinuously seize business opportunities driven by corporate risk management or corporate finance particularly where management of market risks credit risks behavioural risks or complex biometric risks are key Our book has grown significantly over the years to include reinsurance for variable annuities immediate and contingent fi nancing contracts traditional and ex treme mortality covers and capital relief transactions covering among others lapse mortality and financial market risks Every transaction is tailored to our clients specific needs As a core subsidiary of Munich Re Group NewRe with its Life team in Zu rich has access to the Group s technol ogy and resources allowing us to devel op strong expertise in capital and reserve relief reinsurance for developed life insur ance markets across Europe Asia and North America NewRe AnnualReport 2020 indd 15 28 04 21 19 06

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