Global non-life premiums to rise 10% above pre-pandemic levels this year

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© Reuters. FILE PHOTO: A police officer and a member of the Bundeswehr forces look at partially submerged cars on a flooded road following heavy rainfalls in Erftstadt-Blessem, Germany, July 17, 2021. REUTERS/Thilo Schmuelgen

BERLIN (Reuters) – Reinsurer Swiss Re (OTC:) said it expected non-life insurance premiums to rise 10% 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.

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