Toronto, ON (Sept. 21, 2017) – Hyperloop Transportation Technologies (HTT) and Munich Re have carried out a comprehensive risk analysis of HTT’s Hyperloop technology. The analysis constitutes a milestone for the future success of HTT’s Hyperloop technology and of the company itself.
HTT’s Hyperloop technology is feasible and insurable in the medium term
After analyzing the risks and challenges, Munich Re has now drawn up the first Hyperloop Transportation Technologies Risk Report. 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 the relevant external and internal influencing variables. The risk report forms amongst others the basis 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.
A promising partnership
The two companies intend to continue their cooperation within the framework of a strategic partnership. The primary aims of this partnership are to develop an insurance concept and integrate an enterprise risk management system that will allow HTT to actively manage enterprise risks.
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 future. Such technological shifts give rise to new insurance needs that demand innovative solutions – which our Hyperloop team is happy to develop”.
Dirk Ahlborn, CEO and co-founder of HTT, added: “As we approach the commercialization of our technology, the creation of a new regulative framework is the biggest challenge. Being able to offer an insurable system is a huge milestone for this groundbreaking technology. With Munich Re we are able to discuss our specific enterprise and technological risks openly. We look forward to continuing to work together and are delighted to have found an innovative partner in Munich Re that takes a constructive and cooperative approach to our very specific needs, thus making a valuable contribution to the successful economic development of our company.”
HTT’s Hyperloop technology is a new form of transport which sees passengers and goods being transported in capsules travelling at high speeds in a low-pressure environment using electromagnetic propulsion. The pods will travel approximately 600 km – roughly the distance between Los Angeles and San Francisco or Munich and Berlin – in just 30 minutes.
Thanks to a unique crowd-collaboration model, HTT is working with over 800 experts from around the world on the development and realisation of Hyperloop technology. A project team has been set up within the Munich Re to consider the risks and challenges facing HTT’s Hyperloop technology.
A strategic partnership with forward-looking solutions
As a leading risk carrier, 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.
With Hyperloop Transportation Technologies, Munich Re is helping a trailblazer develop a new technological standard, thus adding to the list of technologies Munich Re has successfully supported, such as wind power and photovoltaics.
The further cooperation between Munich Re and HTT aims to expand the boundaries of transportation and insurability.
This company news contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.
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.
Hyperloop Transportation Technologies Inc. (HTT) 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, HTT is creating and licensing technologies.
Founded in 2013, HTT 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, HTT has offices in Abu Dhabi and Dubai, UAE; Bratislava, Slovakia; Toulouse, France; and Barcelona, Spain. HTT has signed agreements in California, Slovakia, Abu Dhabi, the Czech Republic, France, Indonesia and Korea.
HTT 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 [email protected] or visit http://hyperloop.global/.