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Munich Re board member Torsten Jeworrek said in a statement that last year's heavy losses from weather-related disasters in the U.S. "showed that greater loss-prevention efforts are needed." "It would certainly be possible to protect conurbations like New York better from the effects of storm surges," he added, without specifying how. "Such action would make economic sense and insurers could also reflect the reduced exposure in their pricing." The head of the company's risk research unit, Peter Hoeppe, said that while it isn't possible to attribute any single event to climate change, studies suggest that Sandy and the drought are "the type of events we can expect to contend with more often in the future." Munich Re's main business is reinsurance, which means offering backup policies to companies that write primary insurance policies. Reinsurance helps spread risk so that the system can handle large losses from natural disasters.
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