Munich Re has renewed about 66% of its treaty business (ie without facultative reinsurance) in property-casualty reinsurance, involving a premium volume of around €8.9bn.
The reinsurer said premium volumes will rise by around 5%, taking into account price increases.
It added that around 7% of new business was acquired and on average, a 3% rise in rates was achieved for business renewed.
Munich Re said, as expected, the largest price increases involved treaties affected by the 2005 hurricanes.
The highest increases were in offshore energy, with approximately 400% on the primary insurance side, from which Munich Re profited in proportional reinsurance business and via its primary insurance subsidiary Watkins in London.
Board member Torsten Jeworrek, said: “All in all, we are highly satisfied with the renewals.
"The hurricanes in the US, Mexico and the Caribbean in the summer and autumn of 2005 had a definite impact on the renewals, as did experiences from the windstorms in 2004. These natural catastrophes clearly demonstrated the threat posed to many people and also the high exposure of insured values. They also made it necessary to reassess the risks.
“With the 1 January renewals, we have created the basis for reinsurance business to contribute strongly to the profitability of the whole Group in 2006."
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