Annual Report 2011 - R+V Versicherung

DEVELOPMENTS OF THE HEALTH INSURANCE CLASS*
Management Report 4
Business development and basic
conditions
2011 Change from
EUR billion previous year
Gross premiums written
thereof comprehensive and
34.9 + 4.9%
supplementary insurance 32.8 + 5.1%
Care insurance 2.1 + 2.1%
Insurance services 23.1 + 5.5%
*GDV (German Insurance Association) figures, Status November 2011
year, a large part of the losses is set to be borne ultimately by
the state reinsurer CCR (Caisse Centrale de Réassurance).
Moderate increases in premiums were recorded. Consequently,
premiums picked up slightly in the property insurance sector
in particular after adjustment of the building costs index. The
motor class was also able to record growth.
The insurance market in the UK was extremely diverse in 2011.
Robust increases in rates were enforceable in the private motor
business. Airline business was stable and rates continued to
come under pressure in the fire business.
After numerous natural disasters and years of aggressive price
struggle, the insurance industry in Ireland was able, at least
in parts, to implement urgently required increases in rates. In
2011, there was significant frost damage again in January and
flooding in Dublin at the end of October.
Several new start-ups were observed in the Scandinavian
direct insurance market, occurring as a result of focussing on
special customer groups alongside the established providers.
The original rate level in the private customer segment proved
adequate; in the case of high-value risks, however, it continues
to be geared towards competition. The motor classes were
profitable. The transport classes absorbed average losses.
The floods in Copenhagen due to the heavy rain in the middle
of the year led to considerable costs for direct insurers and
reinsurers. In order to contain the claims burden for compara-
Annual Financial Statements 35 Further Information 62 11
DEVELOPMENTS OF PROPERTY AND ACCIDENT INSURANCE*
Gross premiums written
2011 Change from
EUR billion previous year
Property/Accident total 56.7 + 2.7%
Motor 20.9 + 3.5%
General liability 7.0 + 2.5%
Accident insurance 6.5 + 1.0%
Legal protection insurance 3.3 + 2.5%
Non-life insurance 15.4 + 1.8%
Insurance services 44.4 + 2.6%
*GDV (German Insurance Association) figures, Status November 2011
ble events in the future, changes in the scope of cover of
original policies are indicated. Storms or other major events
were not recorded.
Since the capital basis of many Eastern European insurance
companies is already provided by Western European insurance
groups, the consolidation process clearly slowed down in
Eastern Europe.
The direct insurance markets in Hungary, Poland, Romania
and Bulgaria continued to be marked by fierce competition.
The economic situation in many Eastern European countries
has eased in the meantime. Consequently, in some markets,
it was possible to match previous growth rates. A significant
increase in reinsurance costs was noted in 2011 due to the
natural disasters in 2010. Severe natural disasters were missing
from the loss side in 2011. This situation will be positively
reflected in the technical results of the direct insurers.
The US direct insurance and reinsurance market was affected
by a high incidence and intensity of tornado and hailstorms in
the second quarter. The continuous adjustment of sums insured
and increase in excesses in original policies were noted
positively, which rather pushed the continuing hard struggle
for market shares into the background. Greater losses were
incurred in the harvest-hail segment due to a dry period in the