Hannover Re
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Citi, Jefferies and Berenberg laud the carrier’s steep rate increases in specialty lines.
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The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn. -
Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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The business segment, which includes HDI Global Specialty, has already exceeded its full-year large loss budget.
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The 1 January renewal will be a battle for the biggest slice of post-Covid upside.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
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CEO Michael Pickel says Covid-19-related losses and the low interest rate environment have made price increases “absolutely essential”.
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The carrier participates in payout schemes to policyholders despite doubts over coverage.
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The Hannover Re CEO forecast that rate momentum will grow from levels set in mid-year 2020.
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The reinsurer says US property catastrophe rates are now “satisfactory”, with more upward pressure to come.
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