Annual Report 2011 - R+V Versicherung

FIRE GROSS PREMIUMS
EUR million
400
300
200
100
FIRE
0
2009
290.6
2010
387.8
Management Report 4
Overview of the business
development of
R+V Versicherung AG
2011
409.3
2009 2010 2011
Reported gross loss ratio 70.3 93.8 124.6
Gross expenses ratio 27.4 25.7 26.0
Gross combined ratio 97.7 119.5 150.6
The fiscal year loss ratio fell to 92.7% as a result of a disproportionate
increase in losses (2010: 96.5%). Supported by a significant
improvement in the settlement result of the loss provisions
taken over in the previous year, the reported gross loss
ratio of 84.0% (2010: 88.8%). was significantly below the level
in the previous year.
In connection with the increased operating expenses of 68.5 m
euros (2010: 63.0 m euros), the own account class result improved
on the previous year by 17.8 m euros to - 13.0 m euros
(2010: - 30.8 m euros). A transfer to the equalisation provision
and similar provisions of 20.7 m euros (2010: 2.9 m euros),
was made to the equalisation provision and similar provisions;
the own account technical result was 33.6 million euros (2010:
- 33.7 m euros).
Annual Financial Statements 35 Further Information 62 17
Fire
Class marked by natural disasters
As a result of the positive renewal, written premiums increased
to 409.3 m euros (2010: 387.8 m euros). Fire insurance business
was largely assumed by cedents from outside the
R+V Group. 367.7 m euros were accounted for by the foreign
market, or 89.8% of gross premiums.
Fire insurance was affected by major losses of 304.7 m euros in
the fiscal year. These resulted from various loss events due to
earthquakes, hurricanes, floods and hail storms. The reported
gross loss ratio rose to 124.6% (2010: 93.8%). Including expenditure
on insurance operations, this resulted in a gross
combined loss/expenses ratio of 150.6% (2010: 119.5%). During
the reporting year, the class closed with an own account
technical loss of - 209.7 m euros (2010: - 66.6 m euros) prior to
the change in the equalisation provision and similar provisions.
After the full withdrawal dependent on claims history
from the equalisation provision and similar provisions of
37.3 m euros (2010: 62.3 m euros) this resulted in a technical
result of - 172.4 m euros (2010: - 4.3 m euros).
Marine and aviation
Significantly improved own account result
Written gross premiums in the marine and aviation business
amounted to 92.9 m euros in the reporting year (2010: 94.2 m
euros) and were thus slightly below the level of the previous
year. The cause of this is 2.6% decline in premiums in aviation
insurance. The most important markets according to premium
volumes were Italy for marine as previously and the USA again
for aviation.
The reported gross loss ratio improved significantly compared
with the previous year to 51.5% (2010: 72.7%). By including
the gross expenses ratio, which rose to 24.4% (2010: 22.4%),
the class closed with an own account technical profit of 22.7 m
euros (2010: 5.7 m euros). The equalisation provision and sim-