Munich Re’s capital requirement jumped 19% in 2019

Interest rate declines added €2.2bn to SCR

Falling interest rates forced German reinsurer Munich Re’s solvency capital requirement (SCR) higher last year, contributing to a 13 percentage point decline in its Solvency II ratio.

The firm’s SCR climbed to €17.5 billion ($18.7 billion) at end-2019 from €14.7 billion the year prior. The insurer said that last year’s slide in interest rates added a net €2.2 billion.

This effect was spread across SCR risk categories. The market risk SCR increased 10% to €10.1 billion over the year, and makes

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