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Important note (1)
- Unless otherwise stated, the renewals part of the presentation is based on Underwriting-Year (U/Y) figures
This basis is only remotely comparable with Financial-Year (FY) figures, which are the basis of quarterly and annual accounts - The situation shown in this presentation mainly reflects the developments in
Hannover Re's Property & Casualty reinsurance portfolio, which may not be indicative of the market development - Pricing includes changes in risk-adjusted exposure, claims inflation and interest rates, based on internal pricing models
- Portfolio developments are measured at constant foreign exchange rates as at
31 December 2021
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Underwriting years
Financial years |
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2021 |
2022 |
2023 |
2024 |
2025 |
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2020 |
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10% |
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2023 |
50% |
40% |
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10% |
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2022 |
50% |
40% |
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10% |
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2021 |
50% |
40% |
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2020 |
50% |
40% |
10% |
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2022 underwriting year results will contribute to FY 2022 results and following years
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1 Reinsurance markets
Fifth consecutive year of improving reinsurance markets
- Continued positive pricing momentum in a disciplined market
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- Main drivers for price increases: interest rate environment, loss experience and inflation
- Terms and conditions stable to slightly improved
- Pricing effects vary noticeably by region and line of business
- Sufficient reinsurance capital available despite tighter capacity in retro markets
- Overall stable to slightly increased demand for well-capitalised reinsurance groups (flight to quality)
Positive trend in reinsurance pricing cycle continues
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