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Rate hikes drive premiums at Hannover Re

Posted On: Aug. 9, 2019 5:29 AM CST

Germany-based Hannover Re S.E.'s property/casualty reinsurance premiums grew more than 21% year over year while total premiums increased by 17% in the second quarter of this year driven by rate hikes at the June and July renewals, reports. Net income grew more than 19% to €662.5 million ($741 million). The Townsville floods in Australia cost the reinsurer nearly €26 million while typhoon Jebi's insurance bill totaled €106 million in Japan.

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