Christian Mumenthaler, CEO of Swiss Re, expressed his happiness with the company’s 2023 performance and the company’s optimistic outlook on CNBC’s “Squawk Box Europe” on Friday.
When asked if the insurance and reinsurance sectors had been raising rates excessively and causing an inflationary issue, Mumenthaler of Swiss Re responded as follows:
“In the end, putting a fair price on risk is the role of insurance, and reinsurance in particular, and I believe we have been lagging a little bit in the last few years.” Insurance for insurance firms is referred to as reinsurance.
Mumenthaler foresaw that consumers would soon be paying the price of the climate catastrophe for the first time.
Risks have significantly grown as a result of climate change, and this was seen in our profits, which have fallen short over the past few years. Thus, this is a response, a reevaluation of the danger,” he continued.
On February 3, 2024, firefighters battle a forest fire in the highlands of Quilpue comune, Valparaiso area, Chile.
In a way, what we’re witnessing today is the cost of climate change being borne by average consumers for the first time. I don’t think we are above everything we need in order for shareholders to receive their fair returns since up until now, this has been a pretty abstract subject. However, at this point, you can see the practical repercussions,” he stated.