The world’s third-largest reinsurer, Hannover Re, intends to significantly tighten prices due to high major claims and high inflation in Germany.
“While we are all still very much aware of the images of last year’s devastating flood disaster, winter storms, droughts and forest fires show this year that natural disasters are increasing in Europe,” said Germany boss Michael Pickel, according to a statement at the industry meeting on Monday in Baden-Baden . “All of this makes further price increases in both primary insurance and reinsurance indispensable.”
On average, tariff increases in the double-digit percentage range are required for motor vehicle insurance, according to a presentation by the German subsidiary E+S Rück on Monday. As the largest motor vehicle reinsurer in Germany, E+S Rück has a particularly good insight into the tariff structure of primary insurers such as Huk Coburg and Allianz.