Hannover Re faces ‘unexpected’ sharp rise in major losses but remains ‘resilient’

Hannover Re, the third-largest reinsurer in the world, profitably grew its business in the first nine months of the financial year despite facing an “unexpectedly benign loss experience” from hurricanes, flooding and other catastrophic events in Q3. Its chief executive officer Jean-Jacques Henchoz (pictured) expressed an optimistic outlook for the remainder of the year and 2022, assuming there are “no unforeseen distortions” on capital markets and large loss expenditure remains within its expected bounds.