Finance

Global non-life premiums to rise 10% above pre-pandemic levels this year – Swiss Re

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A police officer and a member of the Bundeswehr forces take a look at partially submerged vehicles on a flooded street following heavy rainfalls in Erftstadt-Blessem, Germany, July 17, 2021. REUTERS/Thilo Schmuelgen

BERLIN, Sept 9 (Reuters) – Reinsurer Swiss Re mentioned it anticipated non-life insurance coverage premiums to rise 10% above pre-pandemic ranges by the tip of 2021 and improve additional the next 12 months, pushed partially by a rising want for defense towards the affect of local weather change.

The corporate’s analysis arm mentioned it anticipated non-life insurance coverage would hit $6.9 trillion worldwide this 12 months, and go the $7 trillion barrier in 2022 for the primary time. Pure catastrophes like wildfires and floods mixed with elevated urbanisation have been creating higher dangers, it mentioned.

“There’s a clear recognition that claims’ frequency and severity is rising as demonstrated by current pure catastrophes or cyber incidents,” mentioned Moses Ojeisekhoba, Swiss Re’s reinsurance CEO.

Reporting by Thomas Escritt
Modifying by Shri Navaratnam

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