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Munich Re, Hannover Re Expect Rising Prices After Floods in Germany

October 18, 2021

German reinsurance companies Munich Re and Hannover Rueck said on Monday they expect rising prices for their business in Europe next year, citing mid-July floods in central Europe, inflation and the coronavirus pandemic.

The floods in July alone caused damage of 46 billion euros ($53.29 billion) across Europe, of which only nine billion euros were covered by insurance, Munich Re board member Doris Hoepke said during an annual industry meeting.

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