Hannover Re
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The new limit amounts to roughly half the Seaside Re bonds placed last year.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling. -
The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurer passed lower natural catastrophe losses to retro partners than in Q3 2019, but Covid ceded losses rose to EUR173mn.
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The carrier says higher retro renewal costs will act as a counterweight to rising rates.
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Hannover Re's K sidecar includes exposure to the aviation market, but overall ILS participation in such risks is limited.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
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CEO Michael Pickel says Covid-19-related losses and the low interest rate environment have made price increases “absolutely essential”.
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The carrier participates in payout schemes to policyholders despite doubts over coverage.
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The company acts as reinsurer and shares the risk with the Natural Disaster Fund.
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The retro vehicle has only picked up a small share so far but this will grow.
