BERLIN, Oct 19 (Reuters) - Hannover Re HNRGn.DE said on Monday its German subsidiary E+S Rueckversicherung expects losses from the COVID-19 pandemic and low interest rates to push prices in primary insurance and reinsurance higher next year.
"Along with the direct impacts of the pandemic, the renewed decline in interest rates is taking a toll on insurance industry profits," said Michael Pickel, chief executive of E+S Rück.
"Price increases at primary insurers are therefore absolutely essential and adjustments are also needed on the reinsurance side," he added.
(Reporting by Caroline Copley Editing by Riham Alkousaa)
((Caroline.Copley@thomsonreuters.com; +49 (0)30 2201 33584 ;))
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