Australia

Hannover Re still ranks third in the Australian non-life reinsurance market. For almost 25 years we have been represented by a branch office in Sydney. Our clients value us as an attractive and reliable partner on account of this local presence as well as our very good rating.

Both the repercussions of the financial market crisis and a series of natural disasters took a toll on the insurance industry in the year under review. Most importantly, losses on the investment side and low interest rates stepped up the pressure to stabilise underwriting results. Rate increases were therefore evident across all segments. Significantly higher prices could sometimes be obtained under loss-affected programmes.

Our strategic objective was to grow selectively and strengthen our market position, without neglecting our high profitability standards. We were successful in achieving this goal. It remains the case that we are the leading provider of natural catastrophe covers and in the field of medical malpractice.

Our premium volume grew somewhat more strongly than anticipated in the year under review. The claims situation was very strained, with the largest single event being the devastating bush fires in southeast Australia.