Hard choices over flooding: secondary perils in the balance at January renewals

11-11-2021

Hard choices over flooding: secondary perils in the balance at January renewals

Johannes Martin Hartmann, VIG Re

Secondary perils were the primary topic at Baden-Baden this year. The consensus is that they mean Europe can no longer escape rate rises, and who pays will determine whether we’re truly seeing a hard market. Intelligent Insurer reports.

The fading importance of the COVID-19 crisis at the Baden-Baden Reinsurance Meeting was most apparent in the fact that the event went ahead in person. The facemasks, testing and limited attendance were a reminder of residual concerns, but the pandemic no longer dominates reinsurers concerns.

As attendee Johannes Martin Hartmann, chairman of VIG Re, the Prague-based reinsurance arm of Vienna Insurance Group, put it: “The industry has found a way to cope.”

Ahead of the meeting there was little doubt about what would replace the pandemic as the main talking point: natural catastrophes—and particularly secondary perils.


Baden-Baden 2021, COVID-19, Floods, Wildfires, Catastrophe, Insurance, Reinsurance, SiriusPoint, Swiss Re, AIR Worldwide, Hannover Re, Acrisure Re, Global

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