Hannover Re’s rate reductions on renewal smaller than feared

Some €2.6bn of business was renewed • Munich Re limited ‘price erosion’ on renewals to 2.8%

Hannover Re faced the renewal of 73% of its traditional non-life insurance on 1 January. This amounted to treaties worth some €2,634mn ($3,819mn), of which business worth some €2,020mn ($2,929mn) was renewed, and business worth €613mn ($889mn) was restructured or cancelled.