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Hannover Re Hit with $349 Million Loss from Sandy

Posted on 15 Jan 2013 by Neilson

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Hannover Re Sandy loss

German reinsurance giant Hannover Re said on Monday that it had taken a 261-million-euro ($349-million) hit due to claims from Hurricane Sandy but still expected to reach its annual targets.

"Based on a detailed analysis of its non-life reinsurance portfolio, Hannover Re anticipates a net burden of losses ... of 261 million euros from Hurricane Sandy," the firm said in a statement.

Nevertheless, Chief Executive Ulrich Wallin stressed that its losses were "comfortably" within its budget for major disasters over the year.

"Our expectation of generating Group net income in excess of 800 million euros for 2012 remains unaffected by this loss," Wallin said.

Earlier in January, the world's leading reinsurer, Munich Re, said that natural catastrophes including US hurricane Sandy caused $160 billion worth of damage in 2012.

Overall, global losses were significantly lower in 2012 than in the previous year, when record figures were posted due to the earthquakes in Japan and New Zealand and severe floods in Thailand, Munich Re added.