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Life and health reinsurance

Hannover Re has for years been an internationally established and valued business partner in the field of life and health reinsurance. Going forward, as in the past, we shall attach considerable importance to long-term, partnership-based relations with our clients, who benefit from individually tailored reinsurance solutions. We offer our customers reinsurance protection worldwide in all lines of life and health reinsurance. This extends from traditional risk-oriented products through pension and retirement provision solutions to optimisation of a customer’s capital management and solvency position. In so doing, we keep a close eye on the balanced global diversification of our life and health reinsurance portfolio as well as our company’s internal diversification with the non-life reinsurance business group.

In our assessment, considerable lasting growth potential is offered above all by the emerging markets of Asia as well as of Central and Eastern Europe. The prospects in these dynamic markets are highly promising, because a vigorously growing economy and the associated improvements in living standards have created a middle class with purchasing power that is taking an increasing interest in protecting against life’s risks as well as providing for retirement and safeguarding the family. In the Islamic world, too, which often presents an attractive business climate, Sharia-compliant insurance concepts – retakaful business – are coming to play an ever more prominent role. For a number of years now we have successfully responded to the challenge of offering Sharia-compliant reinsurance solutions and we are confident of our ability to consistently expand this business.

In mature insurance markets the demographic trend is reflected most strikingly in demand for longevity covers. Demand is rising among an ageing population for pension and long-term care insurance products as well as disability protection. The longevity sector therefore remains an important market for our company, which we expect to deliver strong business potential going forward. In other lines, by contrast, the developed reinsurance markets are notable for a high degree of insurance penetration and hence are extremely competitive. The order of the day here is to respond to the needs of our customers with individually tailored and innovative insurance concepts.

The shock that international financial markets suffered when a number of major banks found themselves in distress has also caused uncertainty within the insurance industry. By way of more stringent legal requirements national and international regulators alike are seeking to exert greater oversight over insurance companies. In Europe, for example, Solvency II envisages extensive reporting and disclosure duties, the implementation of an adequate risk management system and the putting up of capital resources on a level geared to the underlying risks. This will present considerable challenges, especially for the European insurance industry. Implementation of Solvency II, which was planned for 2013, has, however, been postponed again. It is now anticipated that the rules will probably not fully come into effect until after 2016. In the interim there is debate as to whether uncontroversial parts should be adopted beforehand so as to introduce Solvency II gradually, as it were. As a general principle, it is important to systematically track developments in this respect so to be ready to act without delay when Solvency II is implemented.

As a financially robust and expert partner equipped with an excellent rating of AA- (Standard & Poor’s), we shall support our primary insurance customers going forward, as we have in the past, with capital market products and reinsurance concepts designed to afford solvency relief.

Furthermore, we have observed an increased interest in service offerings among our primary insurance customers. Along with the provision of reinsurance protection, clients are looking for holistic service and support. In 2013, therefore, we shall again pay close attention to our continued development and to evaluating just which activities are necessary in order to remain the reliable and trusted reinsurance partner to which our clients are accustomed.


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