Asia Pacific was the fastest growing market for Hannover Re in terms of premium volume with the Europe, Middle East and Africa region growing the premium volume by 6.5%, while the Americas by a more muted 2.2% annual growth, according to the reinsurer’s annual renewals update.
The reinsurer said adequate pricing with better terms and conditions boosted its premium volume by 10.1% for Asia Pacific markets, attributing the improvement to a number of catastrophe losses in the region.
Jean-Jacques Henchoz, CEO: “We are satisfied with the outcome of the renewals. Against the backdrop of the loss experience in 2023, continuing high levels of inflation and geopolitical uncertainties, we were able to secure further necessary rate improvements in many lines and regions.”
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