Heightened demand and higher prices contributed to a 6% increase in net premiums written in 2022 (when measured in USD) by Europe’s Big Four reinsurance groups—Munich Re, Hannover Re, Swiss Re and SCOR—according to a new AM Best report.
Tag: Hannover Re
Hannover Re Q1 Profit Rises, Reinsurance Revenue Edges Down; Confirms FY23 View
German reinsurer Hannover Re reported Thursday that its first-quarter Group net income went up 13 percent to 484 million euros from last year’s 428 million euros.
Hannover Re Latest Company to Leave Net-Zero Insurance Alliance
German reinsurer Hannover Re on Wednesday became the third major company to leave a global climate alliance.
Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Top reinsurers said at the industry’s annual meeting in Monte Carlo that global geopolitical tensions, high inflation, and climate change have increased demand for risk protection and will result in higher premiums. Reinsurers insure insurers and have raised premiums in recent years in response to higher losses. “On top of the effects of COVID-19 and… Continue reading Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Hannover Re Becomes 5th Reinsurer to Opt Out of East African Crude Oil Pipeline
Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, after SCOR committed not to insure EACOP, Hannover Re quickly followed suit, stating, “we refrain from providing reinsurance coverage for EACOP due to noncompliance with our ESG… Continue reading Hannover Re Becomes 5th Reinsurer to Opt Out of East African Crude Oil Pipeline
Hannover Re Expects Rising Reinsurance Prices After Catastrophic Weather Events in Germany
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group’s German business, expects higher prices – in some areas markedly so – and improved conditions in property and casualty reinsurance on the German market following the devastating flood damage in the summer. “After the terrible severe weather events of June and July, 2021 will… Continue reading Hannover Re Expects Rising Reinsurance Prices After Catastrophic Weather Events in Germany
Hannover Re Sees Continuing Trend Towards Rising Prices in P&C Reinsurance
Hannover Re anticipates a continuing trend towards higher prices and improved conditions in property and casualty reinsurance for the various rounds of renewals in 2022. Along with the sometimes far above-average large losses recorded in past years, the recent flooding seen in Europe – a natural disaster on a historic scale – and the considerable… Continue reading Hannover Re Sees Continuing Trend Towards Rising Prices in P&C Reinsurance
Hannover Re Reports Growth, Price Gains through Jan & April Renewals
Global reinsurance firm Hannover Re has reported strong growth in premiums written of almost 17% on an adjusted basis for the first-quarter of 2021, with growth also continuing at the April renewals when a further 7.4% has been reported. At the same time, Hannover Re has reported benefits from rising reinsurance prices throughout the renewals… Continue reading Hannover Re Reports Growth, Price Gains through Jan & April Renewals
Hannover Re Posts 9MM Underwriting Loss; Reinstates Profit Guidance for 2020
German reinsurance giant, Hannover Re, has reported a 33.4% reduction in Group net income for the first nine months of the year to €667.8 million, as the firm’s property and casualty (P&C) reinsurance segment fell to an underwriting loss as major loss expenditure exceeded budget in the period. Group net income declined to almost €668… Continue reading Hannover Re Posts 9MM Underwriting Loss; Reinstates Profit Guidance for 2020
Hannover Re Withdraws 2020 Profit Guidance on COVID-19 Pandemic
Global reinsurance giant Hannover Re has withdrawn its profit guidance for 2020 in light of the ongoing COVID-19 coronavirus pandemic and related uncertainty surrounding claims and the capital market landscape. The German reinsurer states that its first-quarter 2020 results were not significantly impacted by the global spread of the coronavirus as they also benefitted from… Continue reading Hannover Re Withdraws 2020 Profit Guidance on COVID-19 Pandemic