Corporate | 21 October 2013 13:30
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Hannover Rück SE / Key word(s): Miscellaneous
Hannover Re subsidiary expects improved conditions in the German market
‘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:
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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
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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@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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