Monday, February 26, 2018

Reinsurers suffering from rush of natural disasters

Global reinsurers are starting to feel the effects of the recent frequency of hurricanes and earthquakes.

Hannover Re has announced that it might not be able to hit its 2017 profit target because of the rising claims from natural disasters.

It was the first time since the 2008 global financial crisis that the firm made such a warning.

Munich Re also made a similar announcement last week, to become the first major reinsurer to issue a warning about its earnings in the wake of hurricanes Harvey and Irma.

The last time Munich Re issued a profit warning was in 2011, after incurring losses from an earthquake and tsunami in Japan.

 

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