Reinsurance rate improvements to continue in 2018
Saturday, 02 10 2018, Category: Insurance and Reinsurance, Country: World
Jorg Schneider, the Chief Financial Officer (CFO) of reinsurance giant Munich Re, is anticipating further and increased rate improvements at the upcoming April and mid-year renewals, owing to a stronger element of the business being non-proportional and natural catastrophe focused.
Speaking during the Germany-based reinsurer’s fourth-quarter 2017 earnings call, Schneider noted that at the January 1st, 2018 renewals season reinsurance market conditions “finally moved back into positive territory.”
Most notably were improvements in loss-affected areas, driven by the huge impacts of hurricanes Harvey, Irma, and Maria, and the California wildfires.