Hannover Re predicts growth in APAC P&C reinsurance

It has transferred its P&C underwriting from Hanover to Asia.

Hannover Re sees substantial medium to long-term growth rates in both P&C reinsurance and health and provision in Asia Pacific, according to a report.

The reinsurer should be in a good position to share in the further growth of the region, it said, following the launch of its growth initiative and higher prices in 2021.

In addition, it remained optimistic about its renewals as of 1 January and 1 April even if price movements in Asia will likely vary from region to region depending on the burden of losses.

Hannover, Re has previously reassigned the underwriting responsibility of its P&C business from Hanover, Germany to Asia. Starting this year, its Shanghai and Kuala Lumpur branches will represent the reinsurer's interests in APAC.