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Hannover Re warns on hard market hopes
01 February 2012
The German reinsurer says that rates increases at January 1 do not yet indicate a hardening market, although it expects further rises throughout subsequent renewals periods.
The German reinsurer has said that rates increases at January 1 do not yet indicate a hardening market, although it expects further rises throughout subsequent renewals periods.
German reinsurance firm Hannover Re has expressed satisfaction with January 1 renewals but warned that, although rates have improved, hopes of a hardened market may be overly optimistic.
“We achieved better conditions and rates on average that in the previous year,” said Ulrich Wallin, Hannover Re CEO. “In segments impacted by natural catastrophes the price increases were, as anticipated, particularly marked.”
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