European floods, Hurricane Ida to harden reinsurance market

Christian Mumenthaler, CEO of Swiss Reinsurance Co. Ltd., said that the devastation caused by July floods in Europe and the recent Hurricane Ida in the U.S. are likely to harden the reinsurance market further, Reinsurance News reported. Although price hikes have slowed across some reinsurance lines in 2021, the recent catastrophes underscore the importance of sustainable prices that could support reinsurers in the long term.