Swiss Re sees rising premium trend intact
Reuters
Published Jun 24, 2021 08:53AM ET
ZURICH (Reuters) - The trend of rising reinsurance premiums, driven by high claims payments related to the coronavirus pandemic and a record hurricane season, is continuing as the next policy renewal round looms on July 1, Swiss Re (OTC:SSREY) said on Thursday.
The head of the Zurich-based group's reinsurance division Moses Ojeisekhoba told a media event that the trend appeared to be "travelling along the same lines as April 1 and January 1", when contracts were most recently renewed.
"We do not see any market differences at this point in terms of trends," Ojeisekhoba said.
He said it was too early to make a forecast for the next policy renewal round in early July.
Swiss Re, industry leader Munich Re and other reinsurers were able to push through price increases during contract renegotiations in January and April and are using this to expand their business.
In contract renewals in April, Swiss Re increased premium volume in property and casualty insurance by a fifth and achieved a 4% price increase. Munich Re underwrote 17% more business, with prices rising by an average of 2.4%.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.