The prevailing growth trend in passenger and cargo business is likely to be sustained on the global aviation market. Similarly, the insurance and reinsurance capacities available on the market have also increased. This development, combined with the absence of significant major losses, is putting the premium level under considerable strain. Our long-standing experience, careful risk selection and partnership-based client relationships enable us to maintain our good position even in this market environment.
Marine reinsurance is attractive business for Hannover Re. Global trade has increased continuously in recent decades and we expect this growth to be sustained in the years ahead. Taken in conjunction with rising original values and value concentrations, what this trend means for us is a market environment in which our reinsurance solutions constitute desirable products for our clients. In part owing to the major loss expenditures of recent years, our focus is on the risk-appropriate pricing and structuring of our reinsurance business in a highly competitive market. As one of the leading reinsurance providers, we believe that the key to generating profitable results lies in risk selection as well as fair and partnership-based relations with our clients.
Studies by the Global Earthquake Model Foundation show that the number of people worldwide at moderate or severe risk of experiencing earthquakes will grow by more than 30% by 2030. In the same period the insured values in earthquake-exposed regions will rise disproportionately. This is a consequence of increasing insurance densities and higher-value construction methods, which in turn are attributable to greater prosperity in many countries around the world.
Since the Second World War the average life expectancy in the Western world has risen almost continuously for all age groups. The steady increase over recent decades in the average remaining life expectancy – especially among pensioners – has been due in particular to the decline in smoking and advances in treating cardiovascular disorders. This trend, to which there is still no end in sight, is further supported inter alia by improvements in cancer screening and treatment as well as a progressively better understanding of chronic ailments. Going forward, then, we expect the increase in life expectancy to be sustained.
Diabetes mellitus manifests itself in an elevated blood glucose level. If not adequately controlled, diabetes normally leads to significantly higher morbidity and mortality rates among sufferers. The worldwide prevalence of diabetes mellitus climbed from 150 million people in 1980 to almost 350 million in 2008. The total number is expected to rise steadily in the coming decades. The increase is due first and foremost to the growth and ageing of the population as well as to the rise in age-specific prevalences. One of the primary factors for the increase in the most widespread form, diabetes mellitus type 2, is the worldwide rise in a person’s average body weight.
Annual Report 2013 of the Hannover Re Group
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