Munich Re
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”. -
Insured losses produced the second highest first-half tally since records began in 1980.
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CFO Christoph Jurecka will succeed as management board chair.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally.
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The carrier expects the market loss to land at $35bn-40bn.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The firm said it benefited from favourable retro market conditions.
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The carrier attributed the intensification of storms this season to climate change.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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The peril can no longer be considered secondary, according to Gallagher Re.
