The under has issued its report in the January 1 renewals and said that while there were satisfactory results across the board some classes came under pressure including aviation although Hannover stepped up its participation with the major airline risks which came up for renewal.

"Rates and conditions broadly held stable, and we are therefore not dissatisfied with the achieved results,” said Chief Executive Officer Ulrich Wallin. “Slight pressure on prices was to be expected after the particularly good 2009 financial year."

“While modest rate erosion was recorded in some property lines, price increases were pushed through in other segments,” Hannover said. “The latter was true of aviation business, and was again the case in credit and surety reinsurance. The treaty renewals in Germany proved more favourable than anticipated.”

The renewals in aviation business were described as “satisfactory”, with rate increases in the lower double digits obtained virtually across the board. Hannover Re said it stepped up its acceptances with the major airlines.

“Rates in the general aviation sector were stable on a low level, whereas in space business - following on the heels of a profitable experience in 2009 - they came under pressure,” it added. “For the current financial year Hannover Re expects to see rising premium income for the entire aviation portfolio.”

Of the total premium volume of EUR4.37 billion written in non-life reinsurance in 2009 (excluding facultative business and structured covers), a good two-thirds of the treaties worth altogether EUR 2.97 billion (68%) were up for renewal as at 1 January 2010. Of this, a premium volume of EUR 2.7 billion was renewed by Hannover, while treaties worth EUR 263 million were either cancelled or renewed in modified form.

“The global reinsurance picture was a mixed one,” added the reinsurer. “In France rates were largely stable, while in the Scandinavian markets Hannover Re scaled back its acceptances in light of insufficient rates. The renewal season in Central and Eastern Europe gave grounds for satisfaction on account of stronger demand. The retakaful segment, in which the premium volume was further boosted, similarly delivered a gratifying development. All in all, Hannover Re is satisfied with the renewals in worldwide treaty business.”