DGAP-News: Hannover Re subsidiary expects improved

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News Desk 2018

Oct 21, 2013 at 7:45 AM

DGAP-News: Hannover Re subsidiary expects improved conditions in the German market

DGAP-News: Hannover RÃ¼ck SE / Key word(s): Miscellaneous Hannover Re subsidiary expects improved conditions in the German market 21.10.2013 / 13:30 --------------------------------------------------------------------- Hannover Re subsidiary expects improved conditions in the German market Baden-Baden, 21 October 2013: E+S RÃ¼ck - 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 RÃ¼ck 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 RÃ¼ck 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@hannover-re.com) Media Relations: Gabriele Handrick (tel. +49 511 5604-1502, e-mail: gabriele.handrick@hannover-re.com) Please visit: www.hannover-re.com E+S RÃ¼ck - 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 RÃ¼ck 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 RÃ¼ck 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 --------------------------------------------------------------------- 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, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Hannover RÃ¼ck 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, DÃ¼sseldorf, Hamburg, MÃ¼nchen, Stuttgart; TerminbÃ¶rse EUREX End of News DGAP News-Service --------------------------------------------------------------------- 235273 21.10.2013

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