Hannover Re sticks to '13 forecasts despite 'competitive environment'

“In view of the satisfactory outcome of the treaty renewals on Jan. 1, Hannover Re anticipates a good financial year in non-life reinsurance,” the group said in a statement.

As previously announced, Hannover Re said it is penciling in an increase of “around 5 percent” in total gross premium income for the current year, with premiums in non-life reinsurance growing by 3-5 percent and in life and health insurance by 5-7 percent.

In terms of profit, the reinsurer said it has budgeted some 625 million euros (US$852 million) for major losses this year, up from 560 million euros in 2012.

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