HyperloopTT collaborates with Munich Re to insure hyperloop
Hyperloop Transportation Technologies announced today that HyperloopTT’s Hyperloop technology is feasible and insurable. After analysing risks and challenges, Munich Re has created the first Hyperloop Transportation Technologies Risk Report. Over the past year, a project team within Munich Re’s Special Enterprise Risks Unit had been set up to consider the risks and challenges facing HyperloopTT’s Hyperloop technology. Risk landscapes were developed not only for HyperloopTT, but also for HyperloopTT’s Hyperloop technology itself. These risk landscapes shed light on enterprise and technological risk and document relevant external and internal influencing variables. The risk report forms the foundation for active strategic risk management.
Munich Re is of the opinion that the Hyperloop technology developed by HyperloopTT is both feasible and insurable in the medium term and that delivering the system demands a model represented by HyperloopTT’s innovative approach (Abstract can be found here).
Torsten Jeworrek, member of the Munich Re Board of Management, said of the forward-looking cooperation, “The technology developed by HyperloopTT is set to fundamentally change the way we travel in the future. Such technological shifts give rise to new insurance needs that demand innovative solutions – which our Hyperloop team at Corporate Insurance Partner is happy to develop.”
Dirk Ahlborn, CEO and co-founder of HyperloopTT added, “Offering an insurable system is a massive milestone for this groundbreaking technology. As we move forward with commercialization of the system and our technology, our biggest challenge remains the creation of a new regulatory framework.”
“With one of the world’s leading insurance companies as a partner, we are able to integrate a risk management framework into our planning process,” Bibop Gresta, Chairman and co-founder of HyperloopTT said. “Now with further validation that our technologies and system are feasible and insurable, we are ready to build. We are delighted to have found an innovative partner in Munich Re that takes a constructive and cooperative approach to our very specific needs.”
As a leading risk carrier, Munich Re provides fundamental support for the corporate development of HyperloopTT and the commercial viability of Hyperloop technology. The cooperation demonstrates how Munich Re does not merely assume risks, but also supports companies with services that are tailored to their specific risks. Further cooperation between Munich Re and Hyperloop Transportation Technologies will expand the boundaries of transportation and insurability.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2016, the group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in ERGO, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2016, ERGO posted premium income of €16.0bn. Munich Re’s global investments (excluding insurance-related investments) amounting to €219bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
About HyperloopTT
Hyperloop Transportation Technologies Inc. (HyperloopTT) is an innovative transportation and technology company focused on realizing the Hyperloop, a system that moves people and goods at unprecedented speeds safely, efficiently, and sustainably. Through the use of unique, patented technology and an advanced business model of lean collaboration, open innovation and integrated partnership, HyperloopTT is creating and licensing technologies.
Founded in 2013, HyperloopTT is a global team comprised of more than 800 engineers, creatives and technologists in 52 multidisciplinary teams, with 40 corporate and university partners. Headquartered in Los Angeles, CA, HyperloopTT has offices in Abu Dhabi and Dubai, UAE; Bratislava, Slovakia; Toulouse, France; and Barcelona, Spain. HyperloopTT has signed agreements in California, Slovakia, Abu Dhabi, the Czech Republic, France, Indonesia and Korea.
HyperloopTT is led by co-founders Dirk Ahlborn (CEO) and Bibop Gresta (Chairman) and a senior management team of experienced entrepreneurs and professionals. For more information or media inquiries, contact press@hyperloop.global or visit http://HyperloopTT.com.
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CONTACT:
Ben Cooke
HyperloopTT Head of Media Relations
310-720-1214
