Insurer: Hannover Re: High inflation requires rising premiums

Like its larger competitors, Hannover Re, the world's third-largest reinsurer, expects prices to rise in property and casualty business in 2023.

Insurer: Hannover Re: High inflation requires rising premiums

Like its larger competitors, Hannover Re, the world's third-largest reinsurer, expects prices to rise in property and casualty business in 2023. The high inflation in many regions of the world is fueling the long-term trend towards ever higher burdens for insurers and reinsurers, said CEO Jean-Jacques Henchoz on Monday at the traditional industry meeting in Monte Carlo. The Russian war in Ukraine and the ongoing pandemic also contribute to this.

In the case of contract renewals with primary insurers such as Allianz and Axa on January 1, the manager therefore expects higher premiums for reinsurance protection, even in areas that have not recently been affected by particularly high losses.

After a two-year break due to the pandemic, representatives of the industry met their customers and brokers again in the Principality of Monaco on the Cote d'Azur this weekend. On Sunday, the world's largest reinsurer, Munich Re, insisted on increasing reinsurance premiums in order to compensate for the higher losses to be expected. On Monday morning, the world's number two, Swiss Re, joined the call.

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