Munich Re
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The peril can no longer be considered secondary, according to Gallagher Re. -
Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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Proceeds from the sale will be used to fund sustainable development projects.
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Munich Re said it saw no reason to lower its expectations.
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The carrier announced a capital repatriation plan of EUR3.5bn.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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