Munich Re Group renewed 66% of its treaty business in property and casualty reinsurance at the beginning of the year for a premium volume of about €8.9 billion ($14.4 billion).

The company expects earning potential to remain at a high level for the portfolio through consistent implementation of its strict underwriting policy.

Premium volumes will rise by 5% while on average a 3% rise in rates was achieved when the business renewed. The group also achieved a 7% growth in new business.

The largest price increases involved treaties affected by last year’s US hurricanes. The highest increases were 400% for offshore energy operators.