Hannover Re
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The carrier said GWP was up 12.7% to EUR33.3bn. -
In a brief update, the (re)insurer said reinsurance revenue is expected to grow by at least 5% at constant exchange rates.
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Exclusions and coverage changes absolutely make sense as a goal, but some wordings have thrown up additional risks.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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Cedants are grappling with rising rates while coverage narrows.
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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The carrier also offered assurances on the strength of its reserving to combat inflation.
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The carrier booked a Hurricane Ian loss of EUR276mn.
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The firm said inflation and modelling changes had driven the need for bigger limits.
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Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
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