Gross premium income from Marine insurance in € million
Moderate deterioration in result
Gross premium income from Marine insurance business increased by € 3.7 million or 2.2% to € 172.2 million. While growth in previous years came from foreign business expansion, the upturn in the year under review was due entirely to business in Germany.
The Petrobras major loss and the explosion at a chemical factory in Toulouse were the principal causes of the increase in loss expenditure. The net loss ratio for accounting purposes stood at 94.2%, which was 10.1 percentage points higher than in the preceding year.
The net account showed a heightened deficit of € 28.5 million (p.y. € 25.8 million).
Gross premium income from Engineering insurance in € million
Changes in retrocession structure
Owing to the termination of unprofitable contracts, gross premium income from Engineering business was recessive. At € 157.1 million, premium volume was € 4.8 million or 3.0% less than in the preceding year. Because of changes in our retrocession structure, however, net premium income increased by 29.0%.
Net loss expenditure was € 2.5 million higher than in the preceding year. Because net premiums grew more sharply, however, the loss ratio for own account moved down by 6.4 percentage points to 91.2%.
44 Gerling-Konzern Globale Rückversicherungs-AG/Management Report