Page 22 - The Insurance Times November 2024

pertise, Munich Re is able and willing to The total number of fatalities from proved reinsurance conditions. This has
offer risk knowledge and solid risk pro- natural disasters to the end of Q3 was helped to drive competition, particu-
tection in Europe. Claudia Strametz, estimated at around 13,000 – the low- larly for the most attractive risks.
Chief Executive (Non-Life) Germany and est since 1986. Peiser anticipates positive year-end
Head of Cyber for Europe: “We welcome
The report highlights that insured renewals, he stated: “Abundant capac-
growth but remain insistent that appro- losses from primary perils during the ity has led to improved pricing and
priate terms and conditions are built
first nine months of 2024 were rela- terms across wider swaths of the mar-
into the original covers as well as rein- tively low, with no event exhibiting the ket. For example, well-performing
surance contracts to ensure a sustain- potential to significantly impact the Property risks are increasingly oversub-
able (re-)insurance market. By leverag- broader reinsurance market. Most of scribed and modest price reductions
ing our technical expertise we support the losses, including those from severe are available, while many clients are
our clients in overcoming their chal- convective storms (SCS) as the costliest choosing to take advantage of
lenges. We remain strongly committed peril overall, continued to be retained favourable Cyber market pricing by
to our home market Germany and the by insurers, prolonging the period of purchasing additional limit. Competi-
other European markets, and continue exceptional returns for reinsurers. tion for these and other preferred risk
to be a reliable and predictable partner types is expected to accelerate in a
for our clients.” Third-quarter insured losses were growth focused Q4 market.”
driven by three costly Atlantic hurri-
canes, SCS outbreaks in the United Despite the market becoming more
Global Natural Catastro- States and Canada, as well as flooding buyer-friendly, underwriting remains
phe Insured Losses Exceed in Central Europe. disciplined for the time being, the ex-
ecutive highlighted.
$102B; Likely To Surpass The report also reveals that Canada is
enduring its costliest insurance loss He added: “The mantra among insur-
2023 Levels ers has been “profitable growth” and,
year on record, with the majority of
A leading global professional services the impact occurring as a result of four for the most part, underwriters con-
firm, today launched its Q3 Global Ca- events within one month in Q3, with tinue to be selective and focused on
tastrophe Recap – October 2024 re- expected payouts exceeding $5.9B. well-managed quality risks. This means
port, which aggregates and analyzes Elsewhere, Typhoon Yagi – the deadli- that challenges are continuing across
global natural catastrophe data during est event of the year and costliest significant pockets of the market that
the first nine months of the year. event on record in Vietnam – became have been impacted by rising claims
costs, such as natural catastrophe ex-
The report reveals that there were at the overall third costliest event in the posed Property risks, Automobile
least 280 notable global natural disas- period under review. placements, and U.S. exposed Casualty
ter events in the Q1-Q3 period, result- risks.”
ing in economic losses of at least Buyer-friendly market
$258B and insurance losses of $102B. Casualty insurers remain cautious,
Losses from Hurricane Milton and ad- opens opportunities for Peiser also noted. Social inflation con-
ditional events expected in the rest of year-end renewals: Aon’s tinues to impact insurer profits and
the calendar year, however, will likely strategies, with U.S. risk, the epicentre
result in total annual insured losses Peiser of social inflation, as a top underwrit-
above those seen in 2023 ($125B). Eco- Buyer-friendly conditions in the global ing and pricing concern around the
nomic losses for the period were sig- insurance market have persisted world.
nificantly lower than losses during the through much of the third quarter of Join
2023 period ($351B). 2024, and even accelerated in some
segments, creating opportunities as Online Certificate
These dynamics resulted in a protec-
the year-end renewals draw near, Joe
tion gap of 60 percent, one of the low- Course on
est on record, mainly due to the higher Peiser, Chief Executive Officer Com-
contribution of insured losses in the mercial Risk Solutions, Aon, has noted. Marine Insurance
United States, where insurance pen- Insurer confidence and growth appe- For details please visit
etration is relatively high compared to tite have been restored over the year,
other countries. thanks to healthy returns and im- www.smartonlinecourse.co.in

20 November 2024 The Insurance Times