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Surge in sight for home insurance

by archyde
In France, bad weather has cost insurers 4.6 billion euros this year (here, in June, heavy rains flooded a street in Cap-Ferret). Benjamin Guillot-Moueix / Hans Lucas via Reuters Connect

DECRYPTION – Several reinsurers no longer cover natural disasters. Houses will no longer be insurable.

Monaco

Can we insure our house in the future? The question is at the center of the major global reinsurance meeting which has been taking place since Saturday in Monaco. For four days, the insurers of insurers (Scor, Swiss Re, etc.) negotiate with their insurer clients the price of contracts for 2023.

For the first time in the history of this meeting of which it is the 64e edition, several major reinsurers (Axis, Axa XL, RenaissanceRe, etc.) have announced that they no longer cover, or much less than in the past, natural disasters which primarily weaken the built environment. This new deal will reduce the coverage offered by insurers for their home insurance. And will at least raise the prices. “It is a surprise”notes Thierry Léger, director of underwriting at Swiss Re.

These reinsurers believe that with global warming, the premiums paid by insurers are insufficient in the face of the multiplication and aggravation of so-called secondary natural disasters such as…

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