Hannover Re’s 2022 underwriting hit by Ukraine war and €1.7bn in cat claims

Sarah JollyMarch 10, 2023
Zhytomyr, Zhytomyr Oblast, Ukraine - March 4 2022: On March 4 at 9 am, a Russian ballistic missile blew up School No. 25 in Zhytomyr, Ukraine.
Damage caused by Russian shelling in Oblast, Ukraine. Credit: Shutterstock/Volodymyr Vorobiov

Hannover Re reported a net underwriting loss of €125m for full-year 2022 after €331m of reserves for the war in Ukraine and large catastrophe losses raised the group’s combined ratio to 99.8%. P&C reinsurance booked an 88% drop in its net underwriting result to €46m from €384m in 2021.

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Sarah JollyMarch 10, 2023
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