13th September 2023
Hannover Re anticipates further price increases and improvements in terms and conditions in the renewals at 1st January 2024 in property and casualty reinsurance.
This can be attributed to ongoing geopolitical uncertainties, the increasing frequency and severity of natural catastrophe losses as well as unchanged high inflation rates and social inflation. Loss payments of insurers and reinsurers alike have consequently risen sharply and Hannover Re anticipates the long-standing trend towards higher expenditures to be sustained.
"We have achieved significantly more adequate prices and conditions during this year’s renewals. However, these improvements are not sufficient in view of the still challenging risk situation," said Jean-Jacques Henchoz, ceo
of Hannover Re. "Adequate pricing is a prerequisite for us to offer the best possible reinsurance capacity. As we want to grow with our clients and help closing protection gaps, we will also put an emphasis on innovation in order to allow our clients to transfer risks both through traditional reinsurance and tailored solutions."
Hannover Re Trends(234 articles)