BERLIN (Reuters) – German reinsurer Hannover Re is braced for falling premiums next year which could dampen business prospects, Welt am Sonntag reported, citing chief executive Ulrich Wallin.
By contrast, Hannover Re said almost two months ago that it expected premiums to grow in a low single-digit percentage range in 2014.
“Reinsurers want to do more business than what's requested by direct insurers,” Wallin said in an advance release of an interview published by the weekly newspaper on Saturday.
“But we will decline a price war,” the CEO was quoted as saying. “We will forego business in 2014 if premiums fall too strongly.”
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