Hannover Re sees major P&C Q3 lossesNovember 7 2019 by InsuranceAsia News Staff
Hannover Re saw major losses in their third quarter, which surpassed the reinsurer’s quarterly budget.
Losses reached €405.3 million (US$449 million), while their envisaged budget was €295 million (US$327 million), according to their latest quarterly statement.
Japan’s Typhoon Faxai was a major loss contributor, which amounted to €75.9 million (US$84 million); along with other major loss events such as Hurricane Dorian in the US and the collapse of UK tour operator Thomas Cook.
Gross written premium in P&C reinsurance saw a hike of 20.7% in the quarter to €11.7 billion (US$12 billion) due to rate increases and growth, particularly in Asia, North America, Germany and in structured reinsurance. The operating profit contracted by 8.4% to €919 million (around US$1 billion).
The firm however, noted improvement in the development of prices and conditions during renewals rounds in the year; but that further price increases are needed in some sub-markets.
The reinsurer is not alone in being hit by third quarter nat cats with a host of rivals also seeing hits; the third quarter is proving a particularly trying period for reinsurers year after year.
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