Steep increase in costs has fed through to businesses and households
The head of Munich Re, the world’s biggest reinsurer, expects the benign conditions that have powered record profits for the industry, but increased costs for businesses and households, to be sustained in coming months. Munich Re was one of a string of companies to report bumper profits on Thursday, helped by a steep increase in the cost of both insuring and reinsuring properties against natural catastrophes in recent years.
Reinsurers “have to earn now what they couldn’t earn for so long,” Wenning said. Reinsurers have also recently benefited from a quieter period for major disasters such as hurricanes, and by tightening their policies to reduce their exposure to events such as storms and floods. Those events have weighed more on mass-market home insurers, particularly in the US where many state regulators cap pricing for local providers.
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