Hannover Re
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Cedants are grappling with rising rates while coverage narrows. -
Inigo earlier trimmed the bond’s scope of perils to exclude Japan typhoon and quake.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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The carrier also offered assurances on the strength of its reserving to combat inflation.
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The combined ratio for Hannover Re’s structured reinsurance and ILS fronting business came in just better than target at 98.2%.
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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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The reinsurer’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.
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The reinsurer has placed layers of its mortality risk into the capital markets since 2013.
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The reinsurer so far has made no claims on its retro protections for war-related impacts.
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Major losses added 5.4 points to the combined ratio.
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Sharon Ooi joins Swiss Re’s executive board and will be based largely in Hong Kong.
