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U.S.-based Fitch Ratings Inc. said that European reinsurers Hannover Re SE, Munich Reinsurance Co., Scor SE and Swiss Reinsurance Co. Ltd. saw lower earnings for 2022 driven by high inflation, rising interest rates, the Ukraine war and growing climate-related costs, Asia Insurance Review reported. Fitch said that the hard market will help improve underwriting margins, while the macro-economic uncertainty and financial market volatility will remain challenges this year.