Global Non-Life Premiums to Rise 10 Percent Above Pre-Pandemic Levels This Year—Swiss Re

By Reuters
Reuters
Reuters
September 9, 2021 Updated: September 9, 2021

BERLIN—Reinsurer Swiss Re said it expected non-life insurance premiums to rise 10 percent 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.

Reuters