X hits on this document

244 views

0 shares

0 downloads

0 comments

39 / 100

The following table shows how gross premium income developed in the classes of insurance underwritten by the Company.

2001 %

2000 € 1,000

29.7 0.5 10.7 2.6 14.4 5.5 5.1 23.1 59,335 6.1 100.0 –16.6 83.4

756,728 51,160 299,528 69,194 421,661 168,564 161,859 620,310 2.1 183,471 2,791,812 –639,011 2,152,801

2001 € 1,000

2000 %

Life Health Liability Accident Motor Marine Engineering Fire Aviation Miscellaneous insurance classes Gross premiums Premiums retroceded Premium income retained

920,385 14,647 333,441 79,556 447,285 172,235 157,055 717,248 71,7702.3 189,917 3,103,540 –515,098 2,588,442

27.1 1.8 10.7 2.5 15.1 6.0+2.2 5.8 22.2 +21.0 6.6 100.0 –22.9 77.1

Gross premium income

Change %

+21.6

  • 71.4

+11.3 +15.0 +6.1

  • 3.0

+15.6

+3.5 +11.2

  • 19.4

+20.2

High underwriting deficit owing to terrorist attacks in the United States

The terrorist attacks of 11 September 2001 in the United States caused inconceivable damage across the global economy. Particularly hard hit was the international reinsurance industry, and thus also our Company. Gross claims arising from the terrorist attacks totalled € 598.1 million. After relief through our excess of loss protection, losses incurred for own account amounted to € 233.5 million. In addition, the underwriting account was depressed by other major losses due to natural catastrophes and individual loss incidents. In the light of new court rulings, addi- tional provisions for run-off asbestos claims in our US portfolio also contributed to a worsening of results. Owing to these negative factors, Property/Casualty business in the year under review produced the high- est underwriting deficit in the history of the Company. The gross loss ratio of Property/Casualty business climbed from the preceding year’s

    • 82.5

      % to 131.3% in the year under review. The net loss ratio rose from

    • 84.4

      % to 109.7%. Underwriting expenses including administrative costs

did not rise as sharply as gross premiums, so the net cost ratio was recessive. Overall, the underwriting account showed a net deficit of € 727.2 million (p.y. € 278.2 million) before withdrawal from the equal- ization provision.

Fire was the insurance class that bore the brunt of World Trade Center claims. It also faced a number of other natural disaster losses, although these did not result in the volume of claims sustained in previous

Gerling-Konzern Globale Rückversicherungs-AG/Management Report 37

Document info
Document views244
Page views244
Page last viewedWed Dec 07 15:02:12 UTC 2016
Pages100
Paragraphs2664
Words20506

Comments