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Munich Re Increases Renewal Prices by 10% for Natural Catastrophe Insurance

Source: Dow Jones - Joern Rehren

Posted on 21 Jul 2011

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According to documents presented at an investor meeting in New York Wednesday, Munich Re AG passed on a price increase of 10% in the latest round of renewals by its natural-catastrophe-insurance business in the U.S. The German insurer attributed the rise to high worldwide damages from disasters in the first half of the year, including tornadoes in the U.S.

Prices in the rest of Munich Re's property nonnatural-catastrophe-insurance business largely remained stable or increased by low single-digit ranges, the presentation said.

The documents, from Munich Re America board member Pina Albo, said prices in the company's U.S. casualty business barely changed in the latest round, and the pricing environment stabilized.