Commenting on its expectations for the end of year reinsurance renewals in Germany, Hannover Re’s German subsidiary E+S Rückversicherung AG has said that it expects demand for property catastrophe reinsurance to rise further, while risk adjusted price and term improvements are also expected.
The expectations comes after continued losses from severe weather and natural catastrophe events in Germany and the company is forecasting “further price increases and improved terms and conditions in the 1 January 2025 renewals in property and casualty reinsurance.”
“For a number of years now, the insurance industry in Germany has been faced with numerous natural catastrophes causing considerable losses and damage. Once again this year, we have already seen devastating floods, following extraordinary severe weather events of previous years with hail and heavy rain, as well as flash floods and winter storms. At the same time, motor insurance remains in deficit for structural reasons. We are also concerned about increased loss advices from our clients for prior-year claims,” explained Michael Pickel, Chief Executive Officer of E+S Rück, speaking at the reinsurance meeting in Baden-Baden. “As a reliable partner for our clients, we always offer them the best possible reinsurance capacities and support them actively in managing claims. Adequate prices, terms and conditions are absolutely essential for this.”
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