Sven Althoff, Member of the Executive Board for Property & Casualty at Hannover Re, said this morning at the reinsurer’s breakfast briefing in Monte Carlo at RVS 2025, that the company will continue to benefit from increased demand as it continues to focus on building “long-term, broad and deep relationships with our clients.”
This morning, Hannover Re emphasised that demand for reliable reinsurance continues to grow ahead of the key January 2026 renewals, noting that the global property and casualty reinsurance market remains attractive in spite of rising competition.
During the large reinsurer’s briefing, Althoff was questioned on where he sees the main opportunities for growth.
“Well, the main opportunity for growth is the underlying growth of our ceding companies,” said Althoff. “So, to the extent they are successful, they will have a higher reinsurance demand, and we will benefit from this additional demand, be it existing programmes or new programmes.”
He went on to explain that this has been the major growth factor for Hannover Re over the last decade, adding that he expects this trend to persist in the future, despite a more challenging rate environment.
“So, that will continue to be the backbone of our whole story,” said Althoff.
During this year’s RVS, the potential return of aggregate coverage and appetite for reinsurers to provide such solutions has been a hot topic, and the question was also put to Hannover Re executives.
“When it comes to property cat, we historically had very limited appetite for aggregate covers, so we definitely prefer to provide the cat coverage on an event basis, rather than on an annual equity basis. So, from that point of view, we are aware that in 2025 a few clients have tested the market, whether there is more appetite back for those coverages, we expect that also to happen in 2026. But for the most part, we have abstained from participating in those,” said Althoff.
He further explained that the reinsurer doesn’t mind aggregate covers if they are very much on the tail of the distribution curve, so providing capital protection, but noted that, most often, this is not the case, and it’s more earnings protection.
“Given climate change, it’s difficult to assess the frequency side. That’s why we are more comfortable with the event coverage, as this is more a question of assessing the severity rather than the frequency, and we are more comfortable on that side,” he said.
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