Hannover Re expects softer renewal pricing but sees room for selective growth

Hannover Re issued its market outlook at Monte Carlo on 7 September 2026.

Outlook for January renewals

The reinsurer expects slightly lower property-and-casualty prices, with broadly stable terms and conditions, for the 1 January 2027 renewals.

Available industry capital and competition are increasing. At the same time, climate-related losses, claims inflation, geopolitical risk and growing insured asset values continue to affect the cost of providing cover.

Where the pressure is concentrated

The company describes stronger price competition in natural-catastrophe business and programmes with limited recent losses. It emphasises selective growth and pricing that reflects each portfolio's risk.

In insurance-linked securities, Hannover Re has completed eight catastrophe-bond transactions totalling $2.3bn so far in 2026. That is client transaction volume, not group revenue.

How to interpret the update

This is a commercial outlook ahead of renewal negotiations, not a new quarterly earnings release or a guaranteed pricing outcome.

The next evidence is actual renewal volumes, risk-adjusted price changes and retained underwriting quality. Premium growth alone would not establish improved profitability if claims costs rise faster.

Source: Company announcement, 7 September 2026.