Flooding in Europe last month will cause more than 12 billion euros ($15.5 billion) of damage, the year’s most expensive natural catastrophe, according to Munich Re, the world’s biggest reinsurer.
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.
Munich Re, the world’s biggest reinsurer, shrugged off losses from Hurricane Sandy to raise its full-year earnings forecast after an almost fourfold increase in third-quarter profit.
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Munich Re, the world’s largest reinsurer, said global losses from natural catastrophes were cut in half in 2012, with Hurricane Sandy causing the highest costs.
"The frequency of flood events in Germany and central Europe has increased by a factor of two since 1980."
- Torsten Jeworrek on Jul 09, 2013