Morocco and the Iberian Peninsula suffered €126.4 million in insurance losses from severe Atlantic windstorms that hit the region early this year, according to the latest results from Hannover Re.
The storms were among the biggest natural catastrophe losses recorded by the reinsurer in the first half of 2026, ranking just behind Winter Storm Fern in the United States and Canada, which caused €130.4 million in losses for the company.
The Morocco-Iberia storms also caused significantly more losses than the June earthquake in Venezuela, for which Hannover Re initially set aside €75 million.
Hannover Re said its total payments for large losses reached €784.7 million between January and June, below its budget of €1.02 billion for the period.
Despite the losses from major weather events, the reinsurer reported a stronger first half of the year, with net income rising 7%.
Its property and casualty reinsurance business also performed better, with its combined ratio improving to 83.2% from 88.4%. The ratio measures how much an insurer spends on claims and other costs compared with the premiums it earns, with a lower figure generally indicating stronger underwriting performance.
The company’s operating profit in the property and casualty business rose 17.7% to €1.5 billion.Hannover Re said it remains on track to meet its 2026 target of at least €2.7 billion in group net income.
But the company’s outlook depends partly on major losses remaining close to expected levels. It has budgeted €2.3 billion for large losses this year and said its forecast could be affected if losses significantly exceed that amount.
The company also said it expects its investment returns to reach about 3.5% this year.
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