According to Moody's, natural catastrophes have weakened the performance of the four major European reinsurers [4] in the first half of 2022.
Munich Re, Swiss Re, Hannover Re and SCOR recorded a combined net profit of 1.9 billion EUR (2 billion USD) in the first six months of the current year, down 47% from the 3.6 billion EUR (3.78 billion USD) posted a year earlier.
French reinsurer SCOR reported a net loss of 239 million EUR (250.7 million USD) during the same period.
The average net combined ratio of the four reinsurers has also deteriorated. This ratio stood at 98.9% in the first half of 2022 compared with 95.5% a year earlier. Only Munich Re maintains a solid combined ratio with 90.5%.
This decline in results and combined ratios is due to the increase in losses linked to natural catastrophes of the secondary peril type. Storms in Europe, floods in Australia and South Africa, drought in Brazil and bad weather in France are among the costliest events.