FRANKFURT (Reuters) - Europe's reinsurers will soon test the strength of competition from alternative investors like pension funds, whose activity may keep a lid on reinsurance price rises and add to challenges for a sector already facing crimped investment income.
Reinsurers, including the world's top three players Munich Re, Swiss Re and Hannover RE, gather over the weekend in the German resort of Baden-Baden for annual contract talks with insurance companies, whom they help cover the cost of disasters in exchange for part of the profit.
They meet after flooding in central Europe in June and hailstone damage in southern Germanyin July prompted more than a million claims. According to a trade body, the sector faces a cost of about 4.5 billion euros ($6.2 billion) in Germany alone.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
