Very large losses and the role of insurance In response to the very large losses resulting from the flooding, the pandemic, and increasingly also cyber attacks, Munich Re's strategy is to be a reliable point of contact for all aspects of clients' risk management in the context of very large risks – from consulting on risk prevention and risk transfer, working hand in hand with the state or the capital market wherever necessary, to providing support with disaster recovery. The latest very large losses, including those in Europe, show that the role of insurance must extend far beyond assuming risks and compensating for losses. Consulting based on sound risk expertise can promote more active prevention, helping to prevent or reduce losses. Risk assumption puts a price tag on risks, which supports risk-adequate action. We contribute our know-how on risk avoidance and the development of innovative insurance solutions like state-supported pools.