Finance officer says price rises will compensate
Munich Re’s chief financial officer Joerg Schneider has said the global recession has not badly hit contracts due for renewal in July, Dow Jones reports.
"Demand for reinsurance policies that cover natural disasters continues to be pronounced," Schneider said.
In a recession the insurance and reinsurance sector suffers higher costs related to higher damage claims in several areas, such as credit insurance, directors and officers liability insurance, workers disability insurance and life insurance, Schneider said.
Rate increases 3% to 5% are needed to compensate for the declines in capital markets, Schneider said. Munich Re secured average rate rises of 3% and 7%, in the January and April contract renewals.
He said he was cautiously optimistic the company could at least compensate for the effects of the recession.
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