Hannover Re
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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The Hannover Re CEO said that the issue of mitigation had become “totally dominant” in discussions about the climate crisis.
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Despite some rate tapering, the two German reinsurers are expanding premium, as all four carriers enjoyed North American rate increases.
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The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.
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Hannover Re’s P&C re unit reported Q2 operating profit of EUR466mn ($528mn) compared to a loss of EUR14.9mn last year, as the segment benefited from a significant reduction in large losses.
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State-backed carrier GIC Re faces competition as the European Big Four press into the subcontinent.
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Casualty insurance head Bradley Knight will work alongside fellow deputy Barney Smythe.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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The carrier expects rate increases on US and Australian accounts to be smaller than those at 1.1 and 1.4.
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The carrier reported price increases at 1.1 of 5% across the board.
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Hannover Re has emerged as an outlier by reducing its overall 2020 dividend, but its growth plans may alleviate disappointment about the policy.
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The company reports a 41% increase in full-year premium at HDI Global Specialty to EUR2bn.
