The European insurance market in the face of natural disasters

Munich Re has reported an increase in the frequency and intensity of natural catastrophes worldwide, and particularly in Europe.

Between January and September 2023, the German group recorded seven natural disasters in Europe. Insured losses exceeded the 1 billion EUR (1.1 billion USD) mark per event.

These events include:

• earthquakes in Turkey and Syria (February)
• floods in north-east Italy and neighbouring countries (May)
• storms Kai and Lambert in Germany (June)
• storm Unai in Italy, Slovenia and Croatia (July)
• flooding in Slovenia, Austria and Croatia (August)
• storm Hans in northern Europe (August)
• Storm Denis in Germany (late August)

Aside from natural catastrophes, the insurance market is also faced with other growing risks, such as inflation, growing civil unrest and a surge in cyberattacks.