Central and Eastern Europe

Against the backdrop of the economic and financial market crisis the pace of growth on the primary insurance markets of Central and Eastern Europe slowed. Although rates in original business for the most part declined in the face of increased competition, on the reinsurance side they broadly remained on a level commensurate with the risks. On average we were able to secure price increases in the order of 10%, hence posting healthy profit margins in the year under review.

Hannover Re has defined the countries of Central and Eastern Europe as growth markets. Over the coming years we intend to continue generating above-average growth – always assuming that we are able to write profitable business. First and foremost, therefore, we prefer non-proportional covers.

Hannover Re ranks among the top three players in the reinsurance industry in Central and Eastern Europe. In customer surveys we again received plus points for our know-how and security, and also for our undogmatic and quick decision-making. We are well positioned and quote our business in all lines and markets. In the year under review we observed growing demand for additional capacity for natural catastrophe covers as well as for higher limits in casualty business. Here, too, we successfully stepped up our involvement on the basis of profitable excess-of-loss covers.

All in all, we are thoroughly satisfied with the development of our business in Central and Eastern Europe. Our premium volume was once again enlarged in the year under review – while maintaining unchanged our high profit margins.