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Hannover Re “satisfied” with ’08 P&C renewals


February 5, 2008   by Canadian Underwriter


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Hannover Re is predicting its 2007 gross premium in property and casualty reinsurance to be on par with the previous year, at 3.54 billion (approximately Cdn$5.22 billion).
Of the total premium volume written in the 2007 underwriting year in non-life reinsurance (excluding structured covers), amounting to 3.6 billion (approx. Cdn$5.32 billion), more than 73% was up for renewal as of Jan. 1, 2008, a Hannover Re statement says.
Of this, treaties amounting to 2.02 billion (approx Cdn$2.98 billion) were renewed, while a volume of 613 million (approx. Cdn$905 million) were cancelled or restructured, the statement added.
Including increases of 605 million (approx. Cdn$893 million) from new or restructured treaties and thanks to improved prices in some areas, the total renewed premium volume stood at 2.625 billion (approx. Cdn$3.88 billion),” said the company statement. Making allowances for treaties with a later renewal date, Hannover Re is predicting a gross premium virtually equal to that earned in 2006, the statement adds.
“Despite discernible softening tendencies in the market the rate reductions were largely smaller than anticipated,” Wilhelm Zeller, Hannover Re CEO, said.
The absence of major losses in US property catastrophe business was reflected in rate reductions averaging 9%, the release noted.
“In light of the satisfactory treaty renewals as at January 1 Hannover Re anticipates a good 2008 financial year,” the statement said.
“We expect an increase of around 5% in premium income for our total portfolio, with prices remaining adequate,” Zeller said.


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