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The net underwriting account again showed a deficit for the year. Amounting to € 25.8 million, it was less than that registered for the financial year 2000 (p.y. € 28.2 million).

Fire insurance

Gross premium income from Fire insurance in € million

800 700 600 500 400 300 200 100

2001 2000

717

620

1999

1998

1997

627

527

518

Increased loss expenditure

Premium revenues from Fire business – which includes the classes Fire, Fire Consequential Loss, Householder’s Comprehensive, Homeowner’s Comprehensive, Extended Coverage, Burglary, Windstorm, Stock-in-tran- sit, Water Damage, Glass Breakage, Hail and Livestock – increased more sharply than those from any other form of non-Life business. After reach- ing € 620.3 million in the preceding year, gross premium volume in the year under review grew by € 96.9 million or 15.6% to € 717.2 million. Net premium income rose by € 105.5 million or 25.5% to € 519.7 million.

Gross loss expenditure more than doubled in comparison with the preceding year. This extraordinarily high loss bill was primarily due to World Trade Center losses but also to other major losses and an in- creased volume of standard losses. Retrocession agreements saved the Company more than € 400 million. Nevertheless, at € 776.6 million, net loss expenditure was the highest in the Company’s history. The net loss ratio was extremely high at 157.7% (p.y. 97.9%).

After a net deficit of € 166.8 million in the preceding year, the under- writing account thus showed a deficit of € 519.0 million for the year under review before withdrawal from the equalization provision.

Gerling-Konzern Globale Rückversicherungs-AG/Management Report 45

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