Japan

Japan is our largest Asian market. Our service company in Tokyo affords us good insight into the Japanese market. Longterm business relations are traditionally of great importance in Japan. Thanks to our very good rating we were again a particularly highly sought-after partner for our cedants in the year under review. We transact business across all segments and enjoy the status of “core reinsurer” with most major primary insurers.

The insurance sector continues to be fiercely competitive and rates in original business consequently remained relatively stable on a low level in the year under review. Modest rate improvements were, however, recorded under some commercial and industrial fire programmes.

The situation on the reinsurance side was largely unchanged year-on-year. Rates for the most part remained stable. Conditions in property business – which is written predominantly on a proportional basis – continued to adequately reflect the risks, and we were able to book stable commissions. On average we obtained slight increases for casualty covers. The most important single line for our company in Japan is natural catastrophe business, where rates were essentially unchanged.

The claims experience in the year under review was moderate, with no major losses recorded. As expected, the premium volume was stable. Overall, we are satisfied with the results of our Japanese business.