Munich Re

The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.

The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.

Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.

Personnel movement in the contingency market has been elevated following Covid-19 upheaval.

The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.

The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.

Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.

The reinsurer is working to find the right inflation indicators for individual client portfolios.

Munich Re board member Thomas Blunck warned inflation will remain high in 2023, driving up loss costs.

Overcapacity in upstream energy means the immediate impact of the move will be limited.

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.

The syndicate will now pivot “in a very robust and determined fashion” into renewables and green tech, according to CUO Dominick Hoare.