Munich Re
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A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals. -
The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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The result was impacted partly by EUR600mn of losses caused by the earthquake in Turkey in February.
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The news follows months of speculation in the energy market about James Grainger’s plans after his resignation from Munich Re.
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The executive said surging demand for coverage would address the supply-demand mismatch in the renewables space.
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The business is looking to become a lead presence in green risks in London, following Syndicate 457’s exit from oil and gas business.
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Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
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Ransomware will remain the primary loss driver in 2023 in terms of threats for businesses and individuals.
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The market veteran left Aegis London, where he was CEO from 2015, in June last year.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re.
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Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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