DGAP-News: Hannover Re subsidiary expects improved conditions in the German market
(firmenpresse) - DGAP-News: Hannover Rück SE / Key word(s): Miscellaneous
Hannover Re subsidiary expects improved conditions in the German
market
21.10.2013 / 13:30
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Hannover Re subsidiary expects improved conditions in the German market
Baden-Baden, 21 October 2013: E+S Rück - which bears responsibility within
the Hannover Re Group for German business - expects to see appreciable
improvements in conditions for the treaty renewals as at 1 January 2014,
especially in motor and homeowners' insurance.
'In view of the considerable losses caused by the three hailstorms and the
flooding, prices for covers in the hard hit motor own damage and
homeowners' lines are set to rise further in 2014 on the primary insurance
side. Adjustments for loss-impacted reinsurance programmes are expected to
go hand-in-hand with greater demand for reinsurance protection, a trend
from which E+S Rück will benefit', Mr. Michael Pickel, a member of the
company's Executive Board, explained during the week-long meeting of
reinsurers in Baden-Baden.
Even before the hailstorm events, the market had been faced with heavy
losses due to the major flooding in the summer of this year. The impact was
particularly severe on homeowners' insurance, which was in any case already
bleeding red ink. Coming on the back of unsatisfactory results in the
previous years, there remains a need here for further efforts to restore
the business to profitability. 'Prices in natural catastrophe business must
move sharply higher', Mr. Pickel noted.
Overall, Mr. Pickel anticipates growing demand for reinsurance protection
on the German market: experience shows that risk awareness increases after
an accumulation of such large events, prompting insurers to extend their
coverage layers. This will have a positive effect on demand for natural
catastrophe covers.
In long-tail lines which are sensitive to interest rates (general liability
and motor liability) technical rate adjustments are needed in order to
allow for the protracted low level of interest rates.
E+S Rück expects to see attractive business opportunities in 2014 and hopes
to achieve further profitable expansion of its already large market share.
For further information please contact:
Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500,
e-mail: karl.steinle(at)hannover-re.com)
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick(at)hannover-re.com)
Please visit: www.hannover-re.com
E+S Rück - a subsidiary of Hannover Re - is responsible for German business
within the Group, although it also has an interest in developments on the
international (re)insurance markets through retrocession arrangements with
other Group companies. It is the second-largest non-life reinsurer in the
German market. The rating agencies most relevant to the insurance industry
have awarded Hannover Re as well as
E+S Rück very strong insurer financial strength ratings (Standard&Poor's
AA- 'Very Strong' and A.M. Best A+ 'Superior').
Disclaimer:
Some of the statements in this press release may be forward-looking
statements or statements of future expectations based on currently
available information. Such statements are naturally subject to risks and
uncertainties. Factors such as the development of general economic
conditions, future market conditions, unusual catastrophic loss events,
changes in the capital markets and other circumstances may cause the actual
events or results to be materially different from those anticipated by such
statements. Hannover Re and its affiliates does not make any representation
or warranty, express or implied, as to the accuracy, completeness or
updated status of such statements. Therefore, in no case whatsoever will
E+S Rück and its affiliate companies be liable to anyone for any decision
made or action taken in conjunction with the information and/or statements
in this press release or for any related damages.
End of Corporate News
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21.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Hannover Rück SE
Karl-Wiechert-Allee 50
30625 Hannover
Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
E-mail: info(at)hannover-re.com
Internet: www.hannover-re.com
ISIN: DE0008402215
WKN: 840 221
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hannover;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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