Chairman of the Board of Management (CEO), Münchener Rückversicherungs-gesellschaft Munich Re
Search every verified Christoph Jurecka interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a 2023 interview, Jurecka discussed the costs and challenges of EU sustainability reporting requirements for Munich Re. He stated that the company had spent an estimated 300-400 million euros on implementation and around 50 million euros per year in running costs for financial reporting, and estimated that sustainability reporting would cost the group at least 100 million euros. Jurecka expressed concern about the extent of the requirements, uncertainty in interpreting standards, and the potential for limited comparability between companies. He suggested that the money spent on reporting could alternatively be used to implement real-world changes. Jurecka also called for a reduction in bureaucracy and a focus on global competitiveness in future EU policy. During the COVID-19 pandemic in 2020, Jurecka said Munich Re was "very cautious" and had withdrawn its guidance for the year due to uncertainties. He reported that the company had posted 1.5 billion euros in COVID-related claims in the first half of 2020 but still achieved a half-year net profit of 800 million euros. Jurecka noted that claims from event cancellation were realized quickly, while credit insurance claims could be delayed due to their connection to global economic development. In a 2019 presentation on the 2018 balance sheet, Jurecka described the company's risk situation as being in a position where market and credit risks were smaller than insurance technical risks for the first time in many years.
“the costs just have been huge to be honest... we spent three 400 million EUR maybe um for sure on on only the implementation and the running costs are what are they 50 million per year maybe... sustainability reporting I mean it's earlier days now but I think it's fair to say that our estimate is that it will be for su...”
“looking at the amount of money we are spending for a reporting across the value chain you could also make the argument if you would spend that money to implement some changes in the real world maybe would maybe we would achieve more than just by reporting about our insurance position”
“we posted 1.5 billion covet related claims in the first half of the year and and and this is significant and and given that we are very happy that in q2 um we have a half year result of 800 million euros still so a very positive result despite um our duty to cover all these claims”
“as you said that this is the case until we see them realizing these claims very much different from line by line in event cancellation it's pretty quick we know it by the way but if you look for example at credit insurance credit insurance is very much globally connected to the global economic development and there mig...”
“Das vierte Quartal hat ganz gut gezeigt, warum eine Positionierung etwas oberhalb dieses optimalen Bereiches in schwierigen Kapitalmärkten durchaus Sinn macht, und die makroökonomische Unsicherheit, die hat sich seitdem auch nicht reduziert.”
“Wir sind zum ersten Mal seit vielen Jahren in einer Risikosituation, wo das Markt- und Kreditrisiko, also die kapitalmarktgelenkten Risiken, kleiner sind als das versicherungstechnische Risiko.”
As both a reporter and a user of sustainability data, Munich Re’s chief financial officer Christoph Jurecka discusses the challenges of EU sustainability and other reporting requirements with Olav Jones, Insurance Europe's deputy director general.
Aug.06 -- Munich Re AG Chief Financial Officer Christoph Jurecka said that the company is "very cautious" due to concerns ...
Sign in to search the full transcript archive, filter by topic, and access every quote from Christoph Jurecka.
The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →