BERLIN (Reuters) – Reinsurer Swiss Re said it expected non-life insurance premiums to rise 10% above pre-pandemic levels by the end of 2021 and increase further the following year, driven in part by a growing need for protection against the impact of climate change.
The company’s research arm said it expected non-life insurance would hit $6.9 trillion worldwide this year, and pass the $7 trillion barrier in 2022 for the first time. Natural catastrophes like wildfires and floods combined with increased urbanisation were creating greater risks, it said.
“There is a clear recognition that claims’ frequency and severity is rising as demonstrated by recent natural catastrophes or cyber incidents,” said Moses Ojeisekhoba, Swiss Re’s reinsurance CEO.
(Reporting by Thomas Escritt; Editing by Shri Navaratnam)