Hannover Re expects higher prices in 2021 in Germany due to COVID

Credit: REUTERS/FABIAN BIMMER

Hannover Re 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.

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 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More