Insurance broker Howden calculated that the industry only had to pay more after Hurricane Katrina in 2005 and the September 9, 2001 attack on the World Trade Center.
Expert estimates from the early days of the pandemic that Covid-19 would cost insurers around 100 billion dollars currently appear “unlikely,” the broker said in a study on the current renewal round with reinsurers at the beginning of the year.
The insurers had to dig into their pockets mainly because of the forced closings and the cancellation of major events. Many of them have now excluded payments as a result of pandemics in the terms of their contracts.
The premiums in property and casualty reinsurance had risen by an average of 9 percent as of January 1st, according to the Howden report. The reinsurance broker Guy Carpenter put the price increases worldwide at almost 11 percent. This was not only due to the corona pandemic: In Europe, reinsurers have raised prices by more than 50 percent in some cases in view of the accumulation of floods and storms on the continent.
Source: Nachrichten
