Global non-life premiums to rise 10% above pre-pandemic levels this year - Swiss Re

A police officer and a member of the Bundeswehr forces look at partially submerged cars on a flooded road following heavy rainfalls in Erftstadt-Blessem, Germany, July 17, 2021. REUTERS/Thilo Schmuelgen

BERLIN, Sept 9 (Reuters) - Reinsurer Swiss Re said it expected non-life insurance premiums to rise 10% above pre-pandemic levels by the end of 2021 and increase further the following year, driven in part by a growing need for protection against the impact of climate change.

The company's research arm said it expected non-life insurance would hit $6.9 trillion worldwide this year, and pass the $7 trillion barrier in 2022 for the first time. Natural catastrophes like wildfires and floods combined with increased urbanisation were creating greater risks, it said.

"There is a clear recognition that claims' frequency and severity is rising as demonstrated by recent natural catastrophes or cyber incidents," said Moses Ojeisekhoba, Swiss Re's reinsurance CEO.

Reporting by Thomas Escritt Editing by Shri Navaratnam

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