R+V Versicherung AG Annual Report

The technical result in the fire insurance
class suffered under the effects of the
events of September 11, 2001, as well as
additional large claims and an increased
number of basic claims. Provisions were
also set up for the flood damage of August
2002 and storm “Jeanette” in October
2002, which also impacted earnings. Taken
together, these factors led to a net loss of
€33.0 million (previous year: €–24.3 million).
After withdrawal from the equalization provision,
the loss fell to €26.7 million (previous
year: €–14.9 million).
Marine and aviation
Gross premiums up 33.0% – unsatisfactory
earnings situation
In the past fiscal year, the marine insurance
class again achieved a considerable
increase in premiums. Premium income
rose in both gross and net terms.
22
Fire
Gross premiums in € million
150
100
50
127,5
2000
123,7
2001
163,8
2002
2000 2001 2002
Gross loss ratio % 83,4 103,1 90,5
Gross expense ratio % 33,8 35,4 29,6
Gross combined ratio % 117,2 138,5 120,1
Marine and aviation
Gross premiums in € million
90
80
70
60
50
40
30
20
10
38,0
2000
62,0
2001
82,5
2002
2000 2001 2002
Gross loss ratio % 94,6 124,5 93,0
Gross expense ratio % 26,3 25,2 23,8
Gross combined ratio % 120,9 149,7 116,8
While gross premium growth of €15.3 million
(30.2%) to €66.1 million was recorded,
net premiums rose by €13.2 million, or
34.2%, to €51.8 million.
Gross domestic premiums fell slightly by
€0.2 million, or 1.0%, from €22.5 million to
€22.3 million. In contrast, the gross premium
volume from foreign business grew by
€15.6 million (55.1%) from €28.2 million to
€43.8 million.
The retention premium for domestic business
rose by € 1.1 million, or 8.6%, from
€13.0 million to €14.1 million; the increase
for foreign business was €12.1 million
(47.2%) from €25.6 million to €37.7 million.