Munich Re
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The reinsurer’s retro programme was renewed at a smaller size for 2023. -
The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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The sidecar has stepped down in size over the past three years.
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The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
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The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
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The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.
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