Reinsurers expect rising prices after floods in Germany

(Reuters) — German reinsurance companies Munich Re and Hannover Rueck said Monday they expect rising prices for their business in Europe next year, citing mid-July floods in central Europe, inflation and the coronavirus pandemic.

The floods in July alone caused damage of €46 billion ($53.29 billion) across Europe, of which only €9 billion were covered by insurance, Munich Re board member Doris Hoepke said during an annual industry meeting.

“After the terrible storms in June and July, the year 2021 will be one of the most damaging years on the German market,” the head of Hannover Rueck’s subsidiary E+S said.

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