Swiss Re expects rising demand for reinsurance
Published: Monday, Sep 9th 2024, 07:40
Updated At: Tuesday, Sep 10th 2024, 01:59
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Swiss Re is anticipating growing demand for reinsurance cover. The reinsurer announced on Monday at the "Rendez-Vous de Septembre" industry meeting in Monte Carlo that demand for cover in property and specialty lines in particular is set to increase.
Swiss Re sees increased demand in the area of property reinsurance in particular. In particular, higher real estate values, urbanization and inflation-related increases in
Repair costs would drive demand.
Swiss Re also expects above-average insured losses from natural catastrophes again in 2024. In the first half of the year, losses amounted to USD 60 billion, which is 62% above the ten-year average.
In engineering reinsurance, demand will be boosted in particular by renewable energy projects. Swiss Re also expects growth in the cyber reinsurance market, as awareness of the frequency and sophistication of cyber attacks has increased.
"The key issues facing the industry are largely the same as last year, but as the challenges have intensified, demand has increased," Urs Baertschi, Chief Executive Officer Property & Casualty Reinsurance at Swiss Re, was quoted as saying in the press release. In view of increased natural catastrophe risks, economic uncertainty and geopolitical instability, primary insurers are relying more heavily on reinsurers for protection, the statement continues.
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