Hannover Re could lower its targets for 2011

While many of its competitors have already revised their 2011 estimates downwards, Hannover Re’s chief financial officer does not rule out the likelihood of proceeding likewise in the coming weeks. The German reinsurer has announced it will wait for the results of the first quarter before coming to a decision.

The group targeted 946 million USD of net profits for the ongoing year before the occurrence of three major catastrophes. Hannover Re has warned that the bill for the Japanese catastrophe would amount to 364 million USD while the New Zealand and Australian events would cost about 728 million USD for the first quarter alone.