Hannover Re
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue. -
Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
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The reinsurer said its P&C re division is on track to contribute at least EUR1.6bn to its full-year operating result at year-end.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re.
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Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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Analysts expressed surprise at the “underwhelming” profit and RoE projections.
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The carrier said GWP was up 12.7% to EUR33.3bn.
