Hannover Re subsidiary predicts rising demand for reinsurance covers
E+S Rück, which is responsible for writing German business within the Hannover Re Group, anticipates rising demand overall for reinsurance covers in the upcoming treaty renewals as at 1 January 2016.
“Most significantly, the recently observed elevated frequency of natural perils events is prompting primary insurers to review their protection in the treaty renewals and extend it accordingly," said Michael Pickel, a member of the company's executive board.
Pickel made the statement at a press conference held during the Reinsurance Meeting in Baden-Baden.
Along with windstorm risks, ceding companies are also paying closer attention to perils such as torrential rain and flooding, according to E+S Rück, while it said that the impending implementation of Solvency II should also generate positive stimuli, according to E+S Rück, with the firm expecting to see stronger demand for reinsurance in this context as well.
Motor business should also be favourable, according to the firm. In both the motor liability and own damage lines the company expects premiums to continue rising, whilst in general liability, E+S Rück anticipates price stability, although the observed increase in sums insured in business with private customers is leading to premium loadings.
E+S Rück anticipates further market opportunities in 2016 and considers itself well on track to maintaining its market share on a high level going forward.
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