Munich Re

The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.

Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.

The reinsurer is working to find the right inflation indicators for individual client portfolios.

The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.

The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.

The carrier said pricing on property quota share, particularly in the US, was not keeping pace with inflation.

US severe thunderstorms caused insured losses of $17bn during the first half.

The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.

The segment’s lustre has been dulled by losses and capital trapping.

The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.

The reinsurer said nat-cat business is one of its most profitable lines but emphasised that it will also chase growth in life and health and Ergo to reduce long-term volatility.

Munich Re’s P&C re unit reported a Q4 consolidated result of EUR648mn ($735mn), a sixfold increase year on year, as the carrier announced 14.5% premium growth at the 1.1 renewals.