Major external factors influencing risk management in the financial year just ended

Major external factors influencing risk management in the financial year just ended

In the year under review it was first and foremost the agreement reached in November 2013 on the implementation of Solvency II effective 1 January 2016 that was of importance. The main goals of the Solvency II framework directive are to strengthen protection for insureds, put in place consistent competitive standards in the insurance sector of the European Single Market and hence ensure a broadly uniform regulatory practice in Europe. Key details must still be determined on the European and national level before the new regime can fully enter into effect on 1 January 2016. Hannover Re has been preparing intensively for Solvency II for years and is well equipped to provide the markets with tailored products. We believe that we are well placed for Solvency II because we are a solid and low-risk contracting partner with an excellent rating. We can make multiple use of the know-how that we have acquired through development of the internal capital model, and we expect the convergence of supervisory, rating and internal capital requirements to bring relief that will provide us with additional reinsurance capacity.

Further major external influencing factors are the protracted low level of interest rates and the Euro debt crisis. For further information on these topics please see the “Investments” section of the management report.


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