Munich Re , the world’s biggest reinsurer, plans to increase the amount of insurance it sells to oil-rig operators in the Gulf of Mexico following the Deepwater Horizon oil spill, as premium rates in other industries and locations remain flat.
Munich Re, the world’s biggest reinsurer, said it expects stable rates for property and casualty reinsurance during January price negotiations.
Insurers and reinsurers may limit the coverage they offer for supply-chain disruptions and negotiate higher prices after record claims from natural disasters in Japan and Thailand.
Munich Re and Scor SE said overall reinsurance prices will increase, driven by more expensive catastrophe coverage, while brokers said claims haven’t risen enough to push prices higher.
Munich Re may seek more acquisitions in the U.S., Financial Times Deutschland said, citing management board member Torsten Jeworrek .
Munich Re expects to post a profit this year and keep dividend payments to shareholders unchanged, Tagesspiegel reported, citing management board member Torsten Jeworrek.
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The cost to insurers of natural disasters increased by more than two-thirds to $37 billion last year from 2009, according to Munich Re , the world’s biggest reinsurer.
"' In standard business, we will continue to resist pricing pressures and withdraw from business if necessary."
- Torsten Jeworrek on Sep 14, 2014