Hannover Re cedes up to 32% of cats, 24% of COVID losses to retro in 2020

ARTEMIS: German reinsurance giant Hannover Re benefited from its retrocessional protections throughout 2020, potentially ceding almost one-third of natural catastrophe losses and 24% of its losses from the COVID-19 pandemic.

The reinsurer reported its full-year 2020 results this morning, revealing that large losses came in well above budget for its P&C reinsurance business due to the contribution of the pandemic.

Hannover Re reported almost EUR 1.6 billion of net major losses in 2020, 950.1 million of which was from the COVID-19 pandemic.

FULL ORIGINAL PUBLICATION HERE

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