Sven Althoff, a member of Hannover Re’s Property & Casualty executive board, said this morning that the reinsurer expects losses from the ongoing conflict in the Middle East in its specialty reinsurance books, although no significant losses have been reported so far.
Given the dynamic situation in the Middle East, Altov stressed during a media call following the release of the company’s 2025 results that it was too early for Hannover Re to provide any estimates on the potential financial impact of the war.
“From a coverage perspective, most traditional P&C business does not include war coverage. On the other hand, we expect losses in the specialty reinsurance portfolio because that portfolio explicitly covers war-related perils,” he explained.
During the conference call, Altov was asked further about this issue, specifically which professional businesses might be affected.
“When it comes to insurance heads that may be exposed to the dangers of war on the specialty side, it’s marine and aviation, war insurance, including hulls and cargo. You can have exposure to property side risks through political violence and war land policies. For example, when you think about project finance, you can also look at potential participation in categories like trade credit or political risk, depending on the potential economic impact of war,” Althoff said.
He went on to say that these policies are something that Hannover Re is monitoring closely, although so far there is “nothing significant to report in terms of actual losses”.
Reinsurance renewal season is approaching on April 1, and while Althoff observed the impact of the war situation on determining the terms of orders, he emphasized that “it is too early to say as there are no significant losses reported today, but I do not expect a significant impact.”
Yesterday we reported on comments from the leader of re/insurance broker Aon about the war in the Middle East, with the company highlighting that many insurance businesses were being affected.
The post Hannover Re may appear first on ReinsuranceNew.ws Post-war risks in the Middle East are likely to emerge in specialty insurance, but actual losses have yet to show significant changes.
