Reinsurance News
Hannover Re
Society needs to accept the price of risk is increasing: Hannover Re CEO
11th September 2023
In the current market environment, there are clearly pressure points in the risk transfer value chain, but the reality is that the price of risk is increasing and this is something that society needs to accept, according to Jean-Jacques Henchoz, Chief Executive Officer (CEO) of Hannover Re. Speaking this morning at ... Read the full article
Further price increases & improved T&Cs expected at Jan 1: Hannover Re
11th September 2023
Hannover Re has noted that it anticipates further price increases and improvements in terms and conditions in the renewals at 1 January 2024 in P&C reinsurance, citing ongoing geopolitical uncertainties, increasing frequency and severity of natural catastrophe losses, as well as unchanged high inflation rates and social inflation as key ... Read the full article
Europe’s big four reinsurers saw improved average P&C combined ratio in H1’23: Fitch
23rd August 2023
Europe's big four reinsurers reported an average property and casualty (P&C) combined ratio of 89.2% in the first half of 2023, a 4.1 percentage point improvement on the prior year as the catastrophe load eased, reports Fitch Ratings. The ratings agency highlights that underwriting margins in P&C improved for three of ... Read the full article
Munich Re ranked largest reinsurer for third year running by AM Best
22nd August 2023
After taking the top spot from Swiss Re in 2020, the latest data from ratings agency AM Best confirms that German reinsurer Munich Re remains the world's largest reinsurance company when ranked by gross life and non-life premiums written in 2022. With reinsurance gross premiums written (GPW) of ... Read the full article
Supply demand equation in reinsurance will not fundamentally change, says Hannover Re CEO
10th August 2023
Jean-Jacques Henchoz, the Chief Executive Officer (CEO) of Hannover Re, said on the company’s earnings call yesterday that there's no signs of a significant influx of capital entering the reinsurance market, with the current supply demand dynamics expected to persist. "Generally, I think the momentum in the market has continued this ... Read the full article
Hannover Re’s H1 reinsurance revenue climbs 3.9% to €12.3bn
9th August 2023
Global reinsurer Hannover Re has reported that H1 reinsurance revenue increased by 3.9% to €12.3 billion, as large losses within the P&C reinsurance segment fell within the budgeted expectations. Hannover Re's H1 2023 reinsurance service result, which reflects the profitability of underwriting activity less business ceded, surged by 56% to €1.1 ... Read the full article
Average ROE of reinsurers in Fitch peer group decreased to 1.2% in 2022
6th July 2023
A group of reinsurers in Fitch Ratings' universe saw their average return on equity (ROE) fall from 8.5% in 2021 to 1.2% in 2022 as mark-downs on investments, high inflation and increased losses from natural catastrophes drove a significant dip in profits. The global reinsurance companies in the peer group are ... Read the full article
JP Morgan analysts highlight significant improvements in reinsurers’ earnings potential during 2023
30th May 2023
JP Morgan analysts assert that substantial progress has been witnessed in the underlying earnings potential of reinsurers during 2023, indicating a notable improvement. Substantial evidence supports their belief in the considerable improvement within the industry's underlying profitability. "...we believe that there is now relatively clear evidence that the underlying earnings power of ... Read the full article
Lloyd’s becomes the 10th major player to mark its exit from NZIA
30th May 2023
Lloyd's announced its resignation as a member organisation from the Net Zero Insurance Alliance with immediate effect on Friday. This makes it the tenth major insurance and reinsurance player to offer its resignation since last week. Lloyd’s, the insurance and reinsurance market in London, mentioned in a statement that it will ... Read the full article
QBE and Sompo the latest re/insurers to quit NZIA
26th May 2023
QBE and Sompo Holidngs have both announced their resignations as a member organisation from the Net Zero Insurance Alliance. This news takes the total now exited from the NZIA to nine major insurance and reinsurance players. The QBE and Sompo Holdings exits come right after two other big firms, namely AXA ... Read the full article
AXA and Allianz have announced their exit from the NZIA
26th May 2023
Two more big firms namely AXA and Allianz have announced their exit from the NZIA. This news comes in post comments made by John Neal the Chief Executive of Lloyd’s of London to Reuters urging the global climate alliance for insurers to make its membership rules less prescriptive or risk ... Read the full article
Europe’s big four see “better-than-expected” financial performance in Q1: Fitch
25th May 2023
Three out of the four major European reinsurers reported better technical results in Q1 of 2023 despite a high natural catastrophe charge, suggest analysts at Fitch Ratings. Fitch explains that better pricing and portfolio adjustments made up part of the improvement, however, discounting effects under IFRS 17 also led to a ... Read the full article
Republican AGs pen critical letter to NZIA members conveying “legal concerns”
18th May 2023
A consortium of Republican state attorneys general (AG) has penned a letter to insurers of the Net-Zero Insurance Alliance (NZIA) raising concerns about the legality of their commitments to collaborate with other insurers and asset owners in order to "advance an activist climate agenda." The targeted insurers are all NZIA members, ... Read the full article
Hannover Re’s underwriting performance improves as net income climbs in Q1 2023
11th May 2023
Global reinsurer Hannover Re has reported reinsurance revenue of EUR 6.6 billion for the first quarter of 2023, as the reinsurance service result increased 35% year-on-year to EUR 568 million, despite large losses from catastrophes amounting to EUR 334 million. All in all, Hannover Re has reported a rise in Group ... Read the full article
Talanx names Simone Auer Chief Risk Officer
8th May 2023
Simone Auer has been appointed to the role of Chief Risk Officer for Talanx, Hannover Re’s parent company. She succeeds Professor Dr Gerhard Stahl, the long-term head of Group Risk Management who will stay on with the Group as Research Advisor. Auer will be taking over the role starting May 1, ... Read the full article
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