Conditions in the property and casualty reinsurance market are improving, Hannover Re says.

Strong competition and an oversupply of capacity are still present in some lines, but overall conditions rallied, according to its quarterly results report.

“Most notably, the hurricane events in the second half of [last year] provided impetus for greater stability in property and casualty reinsurance.

“Against this backdrop, increases in premium were achieved in Asia, Australia and the UK.” 

Hannover Re has reported first-quarter net income of €273.4 million ($434.01 million), up 3.3% on the corresponding period last year.

Gross written premium increased 17.6% to €5.3 billion ($8.41 billion).