Hannover Re sees continued strong demand for high-quality reinsurance protection

EQS-News: Hannover Rück SE / Key word(s): Miscellaneous Hannover Re sees continued strong demand for high-quality reinsurance protection 09.09.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Hannover Re sees continued strong demand for high-quality reinsurance protection

• Strong market demand for high-quality reinsurance protection
• Reinsurance prices and conditions have stabilised
• Terms and conditions continue to be attractive, particularly in non-proportional reinsurance
• Hannover Re well positioned for profitable growth as preferred business partner

Monte Carlo, 9 September 2024: Hannover Re anticipates prices and conditions to remain on a sustained stable level for the treaty renewals in property and casualty reinsurance as at 1 January 2025 and anticipates a balance of supply and demand in most markets.

In the various rounds of treaty renewals during 2024, prices and conditions continued to improve in some areas, while in others they stabilised on the previous year’s level. Given the continued favourable state of the market, Hannover Re took advantage of growth opportunities, both expanding its portfolio with long-standing clients and writing new business. After the significant increases recorded in prior years, some primary insurance markets are seeing modest price reductions. Hannover Re therefore still considers it appropriate to place an emphasis on non-proportional reinsurance covers.

"We want to grow with our clients and continue to offer them the best possible coverage and capacity. To do this, rate levels must remain adequate," said Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re. "Insured losses are still trending higher. In view of the various challenges facing the industry, reliable reinsurance protection is indispensable. In line with our strategy, we remain well positioned for profitable growth and a preferred business partner with our clear focus on reinsurance, our excellent underwriting expertise and our very strong capital base."