What is going on in the insurance business?

My new company, Munich Re, is one of the biggest reinsurance companies in the world. The reinsurance business is an old industry, so I had my first working day at their castle in Munich. The company is very interested in art. They have a big art collection in each building. The most famous one is the “Walking Man” right in front of the headquarter at Leopoldstrasse in the very center of Munich.

The “Walking Man” right in the very center of Munich.

I am working for the Green Tech Solutions team of the Special Financial Risk Department. We are an international team with colleagues in Hong Kong, Tokyo and New York. Our aim is to provide insurances for manufacturers, developers, owners and investors of renewable energy projects worldwide. We are not doing the classic reinsurance business. Our contracts are associated with the guarantees and warranties of the project's execution, so our department is established in the reinsurance division of Munich Re.

My team is providing insurances for photovoltaic panel manufacturers and solar park owners, for biomass, batteries and LED. My supervisor and me are especially working on insurance solutions for onshore and offshore wind projects as well as for the owners, developers and component manufacturers and suppliers of such big projects. The motivation and the benefit for coverage against serial losses, available and revenue losses is the better financial situation of the project execution, in terms of financing and reliability of the project.

A lot to learn and discover!

The corporate culture here at Munich Re is different to the one I am used to in the north. The company offers free lunch for all employees. Also it’s not common to go to lunch only with the colleagues from your team, as I was used to from previous internships. Rather you’re invited to ask colleagues from all departments to go for a lunch date. The cuisine here is different as well but I got used to it.

My new cuisine is a bit more pretzel- and beer- focused than it was already. Furthermore I discovered many sorts of beer, I did not know before. As seen on the picture, my favorite the “Augustiner”, the oldest beer brand of Munich. In addition I fell in love with the Bavarian cheese the “Obazda”. You eat together with pretzels and beer and is part of a typical Bavarian “Brotzeit”, as well as a good sausage :)

In Munich you will find so many beer gardens which all serve pretzels and obazda. In the Olympia park where I live now, you will find 4 or 5 just in one park. Munich is a great place to live. My Internship is over in a few weeks and then I will return to Hamburg to start with a master’s program. Thanks Munich Re for a short glimpse at the insurance business and the chance to become more familiar with all the German clichés.