“The Price of Risk is Rising” – Reinsurers Want More Money.
Published: Monday, Sep 11th 2023, 16:00
Aktualisiert am: Freitag, 13. Oktober 2023, 14:12
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The world's leading reinsurers, Munich Re, Swiss Re and Hannover Rück, are not deterred by an increase in natural disasters such as forest fires, severe hail storms and floods. They are still willing to take on additional catastrophe risks, but are demanding more money from primary insurers such as Allianz and Axa. The industry expects a costly natural disaster year in 2023. At the traditional industry meeting in Monte Carlo, reinsurers and insurers are negotiating the terms for renewing contracts at the end of the year. The climate change is expected to contribute to an increase in tropical cyclones, heat waves and winter frosts, extreme rainfall, forest fires and severe storms. The high inflation further increases the damages. While some reinsurers no longer want to cover damages caused by natural disasters, the three major players in the industry are still not afraid of such risks. They are willing to grow in this business, but not at any cost. They are looking for adequate prices and conditions due to the demanding risk situation. The reinsurers are also calling for cooperation with governments to insure risks such as the coronavirus pandemic and cyber risks, which are currently only partially covered by cyber insurance.nnnnnnnnnnnnnnnnnnnnnnnnnn
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