Munich Re

The carrier is also expected to book Q1 losses from recent European storms.

The firm has previously said it will not renew existing contracts in Russia and Belarus, while new business in the countries has been suspended.

The move comes in a period of heightened people-move activity in the construction and engineering class.

The second of Insurance Insider’s deep-dive analysis pieces on innovation examines the internal structures and opportunities that can accelerate innovation.

The first of a two-part series on innovation examines the barriers blocking product innovation in the P&C market.

The reinsurer will make exceptions if the suspension of business negatively affects persons or companies that need protection.

Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.

The reinsurer said nat-cat business is one of its most profitable lines but emphasised that it will also chase growth in life and health and Ergo to reduce long-term volatility.

Munich Re’s P&C re unit reported a Q4 consolidated result of EUR648mn ($735mn), a sixfold increase year on year, as the carrier announced 14.5% premium growth at the 1 January renewals.

The carrier proposes to increase the dividend by EUR1.20 on last year’s payment.

Dual’s crisis management team joined from Swiss Re in July 2021.

The former Marsh broker was initially slated to join Lockton Re’s cyber reinsurance practice.