The European reinsurance market is experiencing significant demand for property reinsurance protection, according to insights from Munich Re presented at the Baden-Baden event. The reinsurer plans to allocate more capital in regions where clients exhibit strong underwriting discipline, amidst rising natural catastrophe-related insured losses which have already surpassed $62 billion in the first half of 2024. Munich Re also highlighted the growing risks associated with non-peak perils, such as flooding and severe storms, and emphasized the importance of a robust pricing system that reflects underlying risks. Additionally, despite low penetration, the European cyber insurance market is expected to expand, with the company committed to providing adequate capacity under sustainable terms.
