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Zero urge for food to weaken phrases & circumstances, cut back attachments: Munich Re CFO


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There may be zero urge for food at reinsurance big Munich Re to budge on attachment factors or weaken any phrases and circumstances, the agency’s CFO Christoph Jurecka defined right this moment.

christoph-jurecka-munich-re-cfoAs we reported this morning, Munich Re had a really robust first-quarter to 2024 and mentioned that April reinsurance renewals have been constructive by way of volumes, however flatter by way of charges.

The corporate additionally mentioned it anticipates constructive renewals on the mid-year, regardless of a recognition that market strain is rising within the reinsurance area.

Requested throughout an investor name this morning whether or not Munich Re expects any strain on its phrases, particularly whether or not it foresees any decline in reinsurance contract attachment factors, the agency’s CFO Christoph Jurecka mentioned there may be zero probability.

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As a substitute, the corporate is hoping for a secure outlook in reinsurance by way of 2024, on each worth and phrases.

Which means no loosening of underwriting phrases and circumstances, on which Jurecka was very clear.

In response to an funding analysts query about whether or not Munich Re would take into account lowering attachment factors for its shoppers, Jurecka mentioned, “Decrease attachment factors, or these sorts of issues, is clearly nothing we’d need to go into.”

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He went on to clarify that Munich Re would, “Slightly actually concentrate on sustaining the improved phrases and circumstances after which persevering with to put in writing enterprise on the enticing worth stage, of the place we at the moment are.”

Commenting on the stabilisation of the reinsurance worth setting , Jurecka mentioned, “It appears as if we’re on a plateau stage for 1-1 and 1-4 now, from a pricing perspective, the place provide and demand met one another at very affordable phrases.”

Including that, wanting forwards on worth expectations for renewals, “I might simply assume that continues.”

Jurecka then reiterated the significance of self-discipline, particularly on phrases and circumstances.

Telling the analyst, “Then once more, our urge for food to weaken a few of our T&C’s. or to be looser on the underwriting facet, the urge for food is completely zero and the self-discipline must be maintained going ahead.”

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