Q1 2021 Hannover Rueck SE 1 January Property & Casualty Treaty Renewals Call Transcript
Good morning, everyone. Thank you for joining this call. Welcome to this update on our 1/1 renewal for P&C treaty reinsurance book.
As usual, I'll start with an overview before my Executive Board colleagues, Sven Althoff goes over the key figures. I'll then comment later on the outlook for this year. So let me start with a few general comments on the market environment. 2021 was again a challenging year for the reinsurance industry, insured losses from natural catastrophes were also clearly above expectations last year and in recent years.
Additionally, topics like the impact of climate change and rising inflation play an increasing role in the modeling and the pricing of reinsurance. Going forward, the positive momentum for reinsurance rates is continuing and the fact that we have seen significant price corrections since 2017 is confirming that underwriting discipline is prevailing despite the availability of capacity globally.
Additionally, the primary insurance market has seen further improvements in a number of geographies and lines of business, which is a positive for
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