Munich Re News

Catastrophe Losses Driven Higher by Secondary Perils – And Climate Change

Secondary perils, exacerbated by climate change, are driving catastrophe insurance losses, warn a growing chorus of reinsurers and brokers. Indeed, broker Aon reveals that more than 60% of 2020’s insured catastrophe losses of $54 billion have been caused by secondary …

Next Funding Round for Next Insurance May Double Insurtech’s Valuation to $2.25 Billion

Next Insurance is in talks to raise new capital in a round that values the insurance technology startup at about $2.25 billion, according to people familiar with the matter. Alphabet Inc.’s CapitalG is in talks to lead the roughly $250 …

What to Expect in 2021: Reinsurance Market Moving From ‘Timid’ to ‘Hard’

Speaking at one of the many virtual conferences that took place in early September, Dan Malloy, chief executive officer of Bermuda-based Third Point Reinsurance, offered an anecdotal view of the reinsurance market from a broker he knows. “It isn’t a …

Insurance Development Forum Launches Insurance Program for Peruvian Schools

The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by international organizations, announced the launch of an insurance program for Peru’s public schools. The program is the result of a grant agreement between Germany’s …

Munich Re to Stop Selling Pandemic Business Coverage

Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. “We are currently examining whether we will offer new contracts …

Fitch’s Reinsurance Outlook Remains Negative, Despite Entry into Hard Market Phase

Fitch Ratings said yesterday its ratings outlook for companies in the global reinsurance sector will continue to remain negative as a result of hefty coronavirus claims and low interest rates. The good news for companies, however, is that the market …

Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market

Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price increases became necessary after 10-plus …

Investors Back Startups for Commercial Auto, Climate Risk, High Risk Homes

An insurtech managing general agency focused on commercial auto insurance has raised $16 million in new Series A financing, a climate-risk related platform has $4.2 million in new seed financing, and a home insurance reciprocal and MGA focused on catastrophe-prone …

Middle East Insurers Likely to Absorb Bulk of Losses from Beirut Port Blast: Sources

Insurers in the Middle East are expected to absorb a large part of the losses from Beirut’s explosion last week with Lloyd’s of London and other international players expected to be less exposed, insurance industry sources said. Lebanese officials have …

Major Reinsurers Brace for Large Losses from Beirut Port Blast

Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut. Property damage alone from the blast, which killed more than 150 people …