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15th September 2021
Hannover Re sees continuing trend towards rising prices in property and casualty reinsurance
Hannover Re says:
-Market climate necessitates further price increases and improvements in conditions for the 2022 renewals
-Low interest rate environment, pandemic impacts, inflation expectations and large losses prompt disciplined underwriting approach by insurers and reinsurers
-Focus on long-term partnership with clients even in challenging market situations
-Sustained demand for coverage from reinsurers with a particularly robust financial base.
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 losses caused by Hurricane Ida have further increased the need for action on the part of reinsurers. Pandemic-related costs and the low interest rate environment are an additional strain on the results generated by primary insurers and reinsurers. Inflation rates have also been rising of late in some regions. This has further heightened risk awareness among primary insurers and given an added boost to demand for high-quality reinsurance protection.
"In property and casualty reinsurance there is a need for further rate increases. Only in this way will reinsurers be able to provide reliable risk protection in an increasingly challenging environment," said Jean-Jacques Henchoz, ceo of Hannover Re. "Particularly where natural catastrophe risks are concerned, adjustments are unavoidable. While the pace of price increases has slowed somewhat of late in the renewals during the year, this was primarily the case in areas where substantial increases had already been recorded in prior years."
Hannover Re Trends(213 articles)