off-the-wire

UPDATE 1-Hannover Re reinsurance renewal rates nearly double to 8%

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Updates with details) FRANKFURT, Feb 8 (Reuters) - The German reinsurer Hannover Re said on Wednesday that reinsurance rates rose 8% at its key Jan. 1 renewals after inflation surged and supply tightened. The increase is nearly double the figure of 4.1% from a year earlier, though the volume of renewed contracts was slightly less than last year after it cancelled some contracts. "We had to take some conscious decisions on portfolio steering in order to respond to the market challenges," said Chief Executive Officer Jean-Jacques Henchoz.


Insurers globally have faced losses from unexpected events such as the COVID-19 pandemic, the war in Ukraine and large natural catastrophes.


But they have responded by raising prices and restricting coverage, with a view to shielding their profits.
(Reporting by Tom Sims and Alexander Huebner, editing by Rachel More)

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