As the global reinsurance giant’s results were announced this morning, Christoph Jurecka, CFO of Munich Re, explained that the company believes hurricane Ian matches a pattern linked to a warming world and that this will have to be priced into reinsurance contract renewals.
It’s another signal of the hard market environment that reinsurance is moving into and that hurricane Ian has accelerated.
Munich Re itself had already pre-announced an expectation that it would take a net loss from hurricane Ian of around EUR €1.6 billion, based on an industry loss expectation of US $60 billion.
