Munich Re

The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.

Charlotte Macey started her career at CNA Hardy in 2008 and was most recently class manager for property D&F.

CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.

The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.

Cat losses were within budgets despite high levels of minor events.

The carrier reported EUR770mn of losses in Q3, and the Maui wildfires were the costliest event, with losses amounting to EUR200mn.

The carrier reported major losses for the quarter of EUR770mn, a significant reduction on the EUR2.1bn reported in the same quarter last year.

The carrier has raised its projection for the year to EUR4.5bn, up from EUR4bn.

Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.

The incoming president succeeds Christian Lay, CEO at Marsh McLennan UK.

Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.

Executives said the cyber market would be “dead” if it does not control accumulations.