TOPICS MAGAZINE Issue 2/2015 - Munich Re

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TOPICS MAGAZINE

The magazine for insurers Facts, markets, positions Issue 2/2015

Digital revolution Automation is already changing the face of ­manufacturing. But how will it impact the ­economy?  PAGE 18

D&O insurance Secure with our new app

Geothermal energy Electricity from the depths of Africa

Autonomous driving A whole new world behind the wheel

EDITORIAL

Dear Reader, The digital age is progressing more quickly than ever and has already changed production conditions in many industries. We in the insurance and financial sectors also have to prepare for fundamental change. But what impact will digitalisation have on the economy as a whole? Are we on the verge of mass unemployment and permanently low interest rates? Or will digital technology lead to a period of sustained growth? We discuss these issues beginning on page 18. Significant changes are taking place in another sector as well: unmanned aircraft are being used commercially with increasing ­frequency, for example in monitoring technical facilities or in agri­ culture. Yet legal standards for their deployment are only now beginning to be developed worldwide. Find out how insurers can best deal with this ­situation, starting on page 10. Managers are finding themselves under public scrutiny more than ever before. They have to make a variety of decisions daily and at the same time comply with numerous laws and provisions. Keeping an eye on all of these requirements is a challenging task, especially when a company operates internationally. With our D&O app, which we present in the article beginning on page 6, we can support managers in recognising the risks involved and insuring themselves against them in the best­possible way. Munich, September 2015

Torsten Jeworrek Member of the Munich Re Board of Management and Chairman of the Reinsurance Committee

NOT IF, BUT HOW

Munich Re Topics Magazine 2/2015

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Unmanned aircraft are taking off Drones for all: Until recently no more than a gimmick in science fiction films, they are now very much reality. These unmanned flying objects with between four and eight rotor blades are small and highly manoeuvrable, fea­ turing battery-powered motors and capable of carrying small payloads. No wonder then that the commercial use of drones is increasing, for example to monitor technical installations or agricultural production. But what changes can the insurance industry expect with the advent of this new technology? >> F  ind out more about this subject in the article starting on page 10 or visit our website at www.munichre.com/topicsonline/drones

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Munich Re Topics Magazine 2/2015



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Contents

The technical challenges involved in drilling for geothermal energy are immense.

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D&O INSURANCE Secure with our new app Munich Re’s D&O Scout app helps managers to ­understand their own personal risk and to quickly find the right insurance partner. DRONES Unmanned aircraft are taking off  As the commercial use of drones grows, we look at the potential implications for insurers. TRENDS Digitalisation of the economy Digitalisation is having a profound impact at many companies. But what impact will it have on the economy as a whole? GEOTHERMAL ENERGY Electricity from the depths of Africa Munich Re has developed a new policy to cover the ­exploration risk and to help ensure that sufficient ­ investors can be found for geothermal energy projects.

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Hands off the wheel: Autonomous vehicles will make drivers obsolete.

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AUTONOMOUS DRIVING A whole new world behind the wheel Technological advances will radically change the way insurers structure their motor policies. LIFE A printed heart?  Just how advanced is 3D printing in medicine and what is its relevance for life insurance? CLIMATE