Munich Re
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Michael Kerner, who joined Munich Re in 2018, has been appointed to lead the operation. -
The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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Personnel movement in the contingency market has been elevated following Covid-19 upheaval.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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Munich Re board member Thomas Blunck warned inflation will remain high in 2023, driving up loss costs.
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Overcapacity in upstream energy means the immediate impact of the move will be limited.
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The carrier will no longer invest or insure contracts and projects directly relating to new oil and gas fields, new midstream oil infrastructure and new oil-fired power plants.
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