Hyperloop Transportation Technologies Collaborates with Munich Re to Insure Hyperloop
Hyperloop Transportation Technologies has announced that HTT’s Hyperloop technology is feasible and insurable. After analyzing 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 HTT’s Hyperloop technology. Risk landscapes were developed not only for HTT, but also for HTT’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 HTT is both feasible and insurable in the medium term and that delivering the system demands a model represented by HTT’s innovative approach.
Torsten Jeworrek, member of the Munich Re Board of Management, said of the forward-looking cooperation, “The technology developed by HTT 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 HTT 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 HTT 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.”
Munich Re provides fundamental support for the corporate development of HTT 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.
