Hannover Re sees end to price increase in reinsurance
Published: Monday, Sep 9th 2024, 08:40
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Hannover Re, the world's third-largest reinsurer, expects stagnating development in 2025 following the significant price increases of recent years. Meanwhile, natural catastrophe business in North America remains lucrative.
In the current year's treaty renewals, prices and conditions in property and casualty reinsurance have continued to improve in some cases, but have stabilized at the 2023 level in others, the Dax Group reported on Monday at the annual industry meeting in Monte Carlo. There are now slight price reductions in some primary insurance markets.
However, car insurance in Germany will still be in the red in 2024, meaning that further price increases can be expected in 2025. In contrast, Hannover Re believes that natural catastrophe business in North America remains attractive.
Reinsurers such as Munich Re, Swiss Re and Hannover Re meet with primary insurers and brokers in the Principality of Monaco. There they sound out prices and conditions for the major treaty renewals at the turn of the year.
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