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Aviation insurance

Gross premium income from Aviation insurance in € million

2001 2000 1999

1998

1997

80 70 60 50 40 30 20 10

72

59

44

38

42

Result depressed by terrorist attacks

Gross premium income increased by € 12.4 million or 21.0% to € 71.8 million in the year under review. This growth came predominantly from foreign business.

Aviation insurance was hit hard by the terrorist attacks in the United States. At € 193.6 million, gross loss expenditure exceeded the preceding year’s figure by € 139.3 million. After reinsurance cessions, loss expen- diture for own account amounted to € 145.7 million. The net loss ratio was accordingly high at 208.9% (p.y. 87.7%). The net underwriting account showed a deficit of € 91.1 million (p.y. € 8.0 million), which was attenuated by withdrawal from the equalization provision.

46 Gerling-Konzern Globale Rückversicherungs-AG/Management Report

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