DGAP-News: Hannover Re subsidiary sees favourable business opportunities in the German market
(firmenpresse) - DGAP-News: Hannover Rückversicherung AG / Key word(s): Miscellaneous
Hannover Re subsidiary sees favourable business opportunities in the
German market
24.10.2011 / 13:30
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Hannover Re subsidiary sees favourable business opportunities in the German
market
Baden-Baden, 24 October 2011: Reinsurer E+S Rück - which bears
responsibility for German business within the Hannover Re Group - is
looking with optimism towards the treaty renewals as at
1 January 2012 in its domestic market. 'The claims situation and the
prevailing uncertainties on financial markets - together with the
associated challenge of generating sufficient investment income - should
promote considerable discipline on the technical pricing side', Michael
Pickel, Member of the Executive Board, stated at a press conference in
Baden-Baden. 'We anticipate stable conditions overall, and allowing for the
current financial climate this means that the profitability requirements in
the portfolio can be maintained.'
The picture in the individual lines of business is a mixed one: industrial
property and casualty business, for example, is the scene of fierce
competition. Price erosion in the original business is expected above all
in property insurance. With this in mind, the company intends to write its
business highly selectively. On the casualty side, by contrast, stable
rates are to be anticipated.
In motor business - an important line for the company - stable reinsurance
conditions are to be expected on the liability side; this is based on the
assumption that premium income will rise. In own damage business the
natural hazards events of August and September coupled with claims from
prior years have led to high loss ratios, as a consequence of which price
increases are to be anticipated.
The accumulation of natural disasters and the planned implementation of
Solvency II will likely be reflected particularly prominently in rates for
catastrophe covers. 'It is our assumption that clients will reconsider the
scope of their coverage and purchase additional capacities', Pickel noted.
Prices should trend upwards on the back of the current claims expenditures
and those of previous years. The latest model adjustments made by the
provider RMS will probably also have an impact here.
Renewable energies offer vast potential for reinsurers. Complementary to
traditional insurance products, E+S Rück offers its clients energy saving
warranties as well as protection against weather-related losses of revenue
and profit. The company intends to respond to customer demand by further
expanding its range of products and services. 'We are working together with
our partners on solutions designed to safeguard the insurability of
energy-efficient technologies', Pickel emphasised.
All in all, E+S Rück again sees attractive business opportunities for the
2012 financial year and is looking to generate 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 'Excellent').
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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24.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory 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 Rückversicherung AG
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
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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