The European insurance market in the face of natural disasters

Munich Re has reported an increase in the frequency and intensity of natural catastrophes [4] 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.