Munich Re, Hannover Re Expect Rising Prices After Floods in Germany

Article

German reinsurance companies Munich Re and Hannover Rueck said on Monday they expect rising prices for their business in Europe next year, citing mid-July floods in central Europe, inflation and the coronavirus pandemic.

The floods in July alone caused damage of 46 billion euros ($53.29 billion) across Europe, of which only nine billion euros were covered by insurance, Munich Re board member Doris Hoepke said during an annual industry meeting.

“After the terrible storms in June and July, the year 2021 will be one of the most damaging years on the German market,” head of Hannover Rueck’s subsidiary E+S said.

($1 = 0.8633 euros) (Reporting by Alexander Huebner and Zuzanna Szymanska; editing by Riham Alkousaa)

Photograph: German Armed Forces erected a temporary bridge over the river Ahr at Insul, Germany, on Monday July 26, 2021, after devastating floods across the region, which displaced thousands of people as towns and villages were inundated. Photo credit: Thomas Frey/dpa via AP.