Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland

Size: px
Start display at page:

Download "Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland"

Transcription

1 Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland Agostino Galvagni, Swiss Re

2 Content Reinsurance and its value proposition Current reinsurance challenges Swiss Re s role in the European reinsurance sector Conclusions Slide 2

3 What is reinsurance? Insurance for insurers! Reduces volatility of insurers results Provides capital relief and flexible financing to insurers Grants insurers access to expertise and services, especially in the fields of product development, pricing and underwriting and claims management Reinsurance is the most important risk and capital management tool available to insurers Slide 3

4 Size of the reinsurance market: EUR 134bn, thereof EU: EUR 39bn Globally, 11% of direct premiums is passed to reinsurers (except for saving-type life business) Rest of EU 10% France 4% 1% 49% 3% Germany 7% United Kingdom 8% 6% 12% Slide 4 EU Switzerland 2005 figures, excl. cessions to affiliated companies Source: Swiss Re Economic Research & Consulting North America Latin America Asia Rest of World

5 Content Reinsurance and its value proposition Current reinsurance challenges Swiss Re s role in the European reinsurance sector Conclusions Slide 5

6 Growing values in exposed areas are a major driver of higher losses Ocean Drive, Miami, 1926 Ocean Drive, Miami, 2000 The number of Floridians increased by 70% from 1980 to 2001, while state GDP soared by 130% Slide 6

7 Katrina, Rita and Wilma (KRW) Large caps equipped to handle large events KRW total loss to (re)insurance industry: EUR 67bn Market capitalisation (USD) USD m > 15bn 5 15bn < 5bn 144% 75% Average net claim in % of shareholders' equity = 43% 60% % Swiss Re* % % Slide 7 0 Notes: Shareholders equity as of 2004; market cap as of * Swiss Re claims estimate net of equalisation reserve release 0% Current net claims estimate (before tax) Net claim in % of shareholders' equity Source: Company data

8 Main challenges faced by the reinsurance industry 1. Scale Capital markets can help 2. Diversification (by geography, by line of business) Recognition by regulators & rating agencies 3. Risk management, incl. a) dealing with emerging risks Recognition by regulators & rating agencies b) dealing with unlimited covers Recognition by legislators Slide 8

9 Content Reinsurance and its value proposition Current reinsurance challenges Swiss Re s role in the European reinsurance sector Conclusions Slide 9

10 Swiss Re in the EU Reinsurance/Insurance Carrier Branches/Permanent Establishment Rep Offices Swiss Re staff in the EU: approx (~30% of total) Swiss Re s premium volume in the EU: EUR 6.4bn (33% of total) United Kingdom, EUR 1773m France, EUR 789m Netherlands, EUR 430m Germany, EUR 1205m Slide 10 Italy, EUR 587m Note: 2005 gross premiums written, staff as at 30 September 2006

11 Swiss Re for the EU Swiss Re single event exposures, 200 year return period as of EURbn Gross Net Gross Net Gross Net Gross Net Gross Net European windstorm Swiss Re Atlantic hurricane Insurance Solutions California earthquake Japanese earthquake Combined net exposure* Japanese typhoons Slide 11 * Net of estimated hedging impacts (cat bonds, industry loss warranties, retrocessions)

12 Content Reinsurance and its value proposition Current reinsurance challenges Swiss Re s role in the European reinsurance sector Conclusions Slide 12

13 Conclusions The EU is a key market for Swiss Re Swiss Re serves the EU clients locally, but provides them with the benefits of its global knowledge, worldwide diversification and financial strengths Swiss Re welcomes the introduction of Solvency II as risk-based solvency regimes will encourage sound risk management practices and proper governance structures In particular, diversification as well as risk mitigation measures - including derivatives, reinsurance and securitization - should find appropriate consideration Slide 13

14 Appendix Slide 14

15 Reinsurance reduces volatility of insurers results 3 Overall French non-life market, EURbn Winter storm Lothar Underwriting result before reinsurance Underwriting result after reinsurance Slide 15 Sources: FFSA, Swiss Re Economic Research & Consulting

16 Acquiring GEIS, Swiss Re consolidates its global leadership position Top professional reinsurers by net premiums earned 2005 (USDm) Swiss Re Munich Re Berkshire Hathaway Group Hannover Re GE Insurance Solutions XL Capital RGA Partner Re Transatlantic Re P&C market share % * L&H market share % * Slide 16 Munich Re: Including intra-group transactions with NPE of USD 2 073m Gen Re: Gen Re and Berkshire Hathaway Re combined had NPE of USD m * Note that not all companies released their financial reports For these companies (eg CCR, Korean Re, Revios), 2004 figures were taken into account. Source: Strategy Development based on publicly available data

17 Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland

Hannover Re - before and after the crisis. Roland Vogel CFO

Hannover Re - before and after the crisis. Roland Vogel CFO Roland Vogel CFO Bank of America Merrill Lynch, 16th Annual Banking & Insurance CEO Conference London, 6 October 211 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I

More information

Hannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board

Hannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board Hannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board 9th WestLB Deutschland Conference Frankfurt, 16 November 211 HR Group Diversification Opport. & cycle

More information

Munich Re Group Turning risk into value

Munich Re Group Turning risk into value Munich Re Group Dresdner Kleinwort 9th German Investment Seminar New York Nikolaus von Bomhard Chairman of the Board of Management 9 January 2007 A world leading reinsurer with a significant primary insurance

More information

Understanding reinsurance: How reinsurers create value and manage risk

Understanding reinsurance: How reinsurers create value and manage risk Understanding reinsurance: How reinsurers create value and manage risk Table of contents Executive summary 3 What are the essentials of reinsurance? 4 What is reinsurance? Who offers reinsurance? Who buys

More information

Hannover Re: The somewhat different reinsurer. Ulrich Wallin, Chief Executive Officer

Hannover Re: The somewhat different reinsurer. Ulrich Wallin, Chief Executive Officer Hannover Re: The somewhat different reinsurer Ulrich Wallin, Chief Executive Officer Commerzbank, German Investment Seminar New York, 15 January 2013 Facts & figures 1. Our mission 2. Ambitious targets

More information

Hannover Re - The somewhat different reinsurer. Claude Chèvre Member of the Executive Board

Hannover Re - The somewhat different reinsurer. Claude Chèvre Member of the Executive Board Hannover Re - The somewhat different reinsurer Claude Chèvre Member of the Executive Board UniCredit/Kepler, 1th German Investment Conference Munich, 26 September 212 Facts & figures 212 1. Growing HR

More information

Hannover Re - The somewhat different reinsurer. Roland Vogel Chief Financial Officer

Hannover Re - The somewhat different reinsurer. Roland Vogel Chief Financial Officer Hannover Re - The somewhat different reinsurer Roland Vogel Chief Financial Officer Bank of America Merrill Lynch, 17th Annual Banking & Insurance CEO Conference London, 25 September 212 Facts & figures

More information

Hannover Re - The somewhat different reinsurer. Dr. Klaus Miller Member of the Executive Board

Hannover Re - The somewhat different reinsurer. Dr. Klaus Miller Member of the Executive Board Hannover Re - The somewhat different reinsurer Dr. Klaus Miller Member of the Executive Board Barclays Capital, Global Financial Services Conference New York, 11 September 212 Facts & figures 1. Our mission

More information

BUILDING FRANCHISE VALUE IN AN UNCERTAIN WORLD Bank of America Merrill Lynch Banking & Insurance CEO Conference

BUILDING FRANCHISE VALUE IN AN UNCERTAIN WORLD Bank of America Merrill Lynch Banking & Insurance CEO Conference BUILDING FRANCHISE VALUE IN AN UNCERTAIN WORLD London, 26 September 202 Jörg Schneider Munich Re highlights Munich Re delivering solid long-term shareholder returns during years of volatile macroeconomic

More information

THE REINSURANCE PRINCIPLES

THE REINSURANCE PRINCIPLES THE REINSURANCE PRINCIPLES Contents 1. Concepts of Insurance and Reinsurance 2. Functions of Reinsurance 3. Types & structures of Reinsurance 4. Introduction to Pricing 5. Introduction to Portfolio Strategy

More information

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014 Financial supplement (unaudited) 204 Zurich Insurance Group Annual Report 204 2 Contents Results for the year ended December 3, 204 Financial supplement (unaudited) Financial highlights (unaudited) Business

More information

Munich Re Group Merrill Lynch CEO Banking & Insurance Conference

Munich Re Group Merrill Lynch CEO Banking & Insurance Conference Merrill Lynch CEO Banking & Insurance Conference Growth Opportunities Post Crisis? i Nikolaus von Bomhard Chairman of the Board of Management 8 October 2008 Agenda Munich Re well positioned during capital

More information

Agenda. The Need for Disaster Risk Insurance. The Catastrophe Bond Market as Solution. The MultiCat Program. The MultiCat Mexico 2009

Agenda. The Need for Disaster Risk Insurance. The Catastrophe Bond Market as Solution. The MultiCat Program. The MultiCat Mexico 2009 WORLD BANK MultiCat Program Marketplace on Innovative Financial Solutions for Development Paris, March 4, 2010 Agenda The Need for Disaster Risk Insurance The Catastrophe Bond Market as Solution The MultiCat

More information

Good start to 2015 Quarterly financial statements as at 31 March 2015

Good start to 2015 Quarterly financial statements as at 31 March 2015 plainpicture/fstop/ralf Hiemisch Good start to 205 7 May 205 Jörg Schneider Torsten Oletzky Torsten Jeworrek Agenda Munich Re (Group) 2 Munich Health 9 Business field ERGO 3 Reinsurance 9 Outlook 28 2

More information

Schroders Insurance-Linked Securities

Schroders Insurance-Linked Securities May 2014 For professional investors or advisers only. Not suitable for retail clients. Schroders Insurance-Linked Securities Advised by Secquaero Advisors AG Schroders Insurance-Linked Securities 1 Why

More information

Welcome to Hannover Re's Analysts' Conference. Annual Results 2014

Welcome to Hannover Re's Analysts' Conference. Annual Results 2014 Welcome to Hannover Re's Analysts' Conference Annual Results 2014 London, 10 March 2015 Record result fuelled by both business groups Group net income increased by 10.1%; dividend proposal of EUR 4.25

More information

Conference Call on Interim Report 3/2014

Conference Call on Interim Report 3/2014 Conference Call on Interim Report 3/2014 Hannover, 5 November 2014 Strong nine-month result Group net income increased by 10.3% Group Gross written premium: EUR 10,704 m. (+1.6%) Net premium earned: EUR

More information

Conference Call on Interim Report 2/2015

Conference Call on Interim Report 2/2015 Conference Call on Interim Report 2/2015 Hannover, 5 August 2015 20% increase in net profits 2015 Group net income guidance increased to ~EUR 950 m. Group Gross written premium: EUR 8,587 m. (+21.5%) Net

More information

Data on selected insurance markets

Data on selected insurance markets Data on selected insurance markets Economic Research Munich, March 205 Germany CAGR* 2004 204: 2.6% CAGR* 2004 204:.% Macroeconomics & wealth, 204 Asset classes as % of gross financial assets, 204 82.7mn

More information

Conference Call on Interim Report 3/2015

Conference Call on Interim Report 3/2015 Conference Call on Interim Report 3/2015 Hannover, 4 November 2015 Strong nine-month result Group net income increased by 13% Group Gross written premium: EUR 12,946 m. (+20.9%) Net premium earned: EUR

More information

ERM@Hannover Re Practical experience and key aspects for capital requirements

ERM@Hannover Re Practical experience and key aspects for capital requirements ERM@Hannover Re Practical experience and key aspects for capital requirements Eberhard Mueller Managing Director Group Risk Management Chief Risk Officer and Chief Actuary JPM Insurance Seminar London,

More information

Schroder GAIA Cat Bond. For professional investors and advisors only.

Schroder GAIA Cat Bond. For professional investors and advisors only. Schroder GAIA Cat Bond For professional investors and advisors only. The case for insurance-linked securities (ILS) Benefits for investors Attractive return profile 8.5% annualised return with a volatility

More information

Conference Call on Interim Report 2/2014

Conference Call on Interim Report 2/2014 Conference Call on Interim Report 2/2014 Hannover, 6 August 2014 Favourable results for the first half of 2014 4.9% increase of Group net income; Shareholders' equity up by 8.9% Group Gross written premium:

More information

Delivering strong capital returns Bank of America Merrill Lynch 20th Annual Banking, Insurance & Diversified Financials CEO Conference

Delivering strong capital returns Bank of America Merrill Lynch 20th Annual Banking, Insurance & Diversified Financials CEO Conference plainpicture/fstop/ralf Hiemisch Delivering strong capital returns Bank of America Merrill Lynch 20th Annual Banking, Insurance & Diversified Financials CEO Conference London, 29 September 205 Jörg Schneider

More information

InsuranceLinked. Investing in hurricanes. A concise guide to reinsurance, catastrophe bonds and insurance linked funds. insurancelinked.

InsuranceLinked. Investing in hurricanes. A concise guide to reinsurance, catastrophe bonds and insurance linked funds. insurancelinked. The online resource for insurance linked investments Investing in hurricanes A concise guide to reinsurance, catastrophe bonds and insurance linked funds September 2014 v1.3 Contents InsuranceLinked 1

More information

Munich Re Group Changing gear

Munich Re Group Changing gear Changing gear Dresdner Kleinwort 10th German Investment Seminar New York Jörg Schneider Member of the Board of Management 16 January 2008 Successful business model Serving one growing and converging global

More information

Conference Call on Interim Report 3/2008. Wilhelm Zeller, CEO Elke A. König, CFO

Conference Call on Interim Report 3/2008. Wilhelm Zeller, CEO Elke A. König, CFO Conference Call on Interim Report 3/2008 Wilhelm Zeller, CEO Elke A. König, CFO Hannover, 5 November 2008 Highlights Non-Life R/I Life/Health R/I Investments Targets Outlook Appendix DISCLAIMER This presentation

More information

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011 QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten

More information

Just When You Needed Good News on Catastrophe Insurance It s Here! NAIC P/C Committee Bradley Kading

Just When You Needed Good News on Catastrophe Insurance It s Here! NAIC P/C Committee Bradley Kading Just When You Needed Good News on Catastrophe Insurance It s Here! NAIC P/C Committee Bradley Kading August 2013 Summary Document role of reinsurance in cat events Document distribution of cat losses globally

More information

Making finance work in a higher capital world Bank of America Merrill Lynch Banking & Insurance CEO Conference

Making finance work in a higher capital world Bank of America Merrill Lynch Banking & Insurance CEO Conference Making finance work in a higher capital world Bank of America Merrill Lynch Banking & Insurance CEO Conference London, 25 September 203 Nikolaus von Bomhard Overview of Munich Re Financial solidity and

More information

2020 Foresight Report: Trends in Non-Life Insurance Underwriting

2020 Foresight Report: Trends in Non-Life Insurance Underwriting Brochure More information from http://www.researchandmarkets.com/reports/2713356/ 2020 Foresight Report: Trends in Non-Life Insurance Underwriting Description: The report provides in depth market analysis,

More information

QUARTERLY FINANCIAL STATEMENTS AS AT 31 MARCH 2011

QUARTERLY FINANCIAL STATEMENTS AS AT 31 MARCH 2011 QUARTERLY FINANCIAL STATEMENTS AS AT 31 MARCH 2011 Telephone conference with analysts and investors 9 May 2011 Agenda Overview 2 Financial reporting 2011 Munich Re (Group) 5 Primary insurance 11 Munich

More information

Conference Call on 1 Jan 2011 Non-Life Treaty Renewals

Conference Call on 1 Jan 2011 Non-Life Treaty Renewals Conference Call on Jan 2 Non-Life Treaty Renewals Hannover, 2 February 2 Important note Unless otherwise stated, the s part of the presentation is based on underwriting-year (U/Y) figures. This basis is

More information

Goldman Sachs European Financials Conference Improving growth and profitability in life insurance. Bruno Pfister, Group CEO Berlin, 11 June 2008

Goldman Sachs European Financials Conference Improving growth and profitability in life insurance. Bruno Pfister, Group CEO Berlin, 11 June 2008 Goldman Sachs European Financials Conference Improving growth and profitability in life insurance Bruno Pfister, Group CEO Berlin, 11 June 2008 Agenda 1. Profitable growth: strong delivery since 2003 2.

More information

Insights into our evolving strategy

Insights into our evolving strategy Insights into our evolving strategy Growing Hannover Re Ulrich Wallin CEO 14th International Investors' Day Hannover, 23 June 2011 Agenda 1. Our mission: Growing Hannover Re 2. Our business model 3. Our

More information

Mathematical Concepts in the Insurance Industry. Felix Rosenbaum, Risk Management, SCIPP Seminar April 2011

Mathematical Concepts in the Insurance Industry. Felix Rosenbaum, Risk Management, SCIPP Seminar April 2011 Mathematical Concepts in the Insurance Industry Felix Rosenbaum, Risk Management, SCIPP Seminar April 2011 Table of Contents / Agenda n Introduction to Swiss Re n Insurance Math n Nat Cat Modelling n Natural

More information

Managing weather risk with financial market tools

Managing weather risk with financial market tools Managing weather risk with financial market tools Weather events don t have to be catastrophic to hurt your business Energy Risk Central & Eastern Europe Warsaw 10 November 2011 Stuart Brown, Swiss Re

More information

ITALIAN INSURANCE IN FIGURES. Year 2015

ITALIAN INSURANCE IN FIGURES. Year 2015 ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from

More information

Reinsurance 101: How it Works and the Impact on the Marketplace

Reinsurance 101: How it Works and the Impact on the Marketplace Reinsurance 101: How it Works and the Impact on the Marketplace Kathleen A. McCullough Associate Professor and State Farm Professor Florida State University 2012 Oklahoma Domestic Conference May 23, 2012

More information

Specialty Insurance Where Are We Headed?

Specialty Insurance Where Are We Headed? 2013 PLUS D&O Symposium Specialty Insurance Where Are We Headed? David Cash Endurance Specialty New York - February 6-7, 2013 Keynote Outline 1. Who are the Specialty Companies? 2. Economic drivers for

More information

Growth and profit opportunities in Hannover Re's longevity business. Klaus Miller Member of the Executive Board

Growth and profit opportunities in Hannover Re's longevity business. Klaus Miller Member of the Executive Board Growth and profit opportunities in Hannover Re's longevity business Klaus Miller Member of the Executive Board 14th International Investors' Day Hannover, 23 June 2011 Current status Enhanced annuities

More information

plainpicture/fstop/ralf Hiemisch Annual guidance raised after strong half-year performance Quarterly financial statements as at 30 June 2015

plainpicture/fstop/ralf Hiemisch Annual guidance raised after strong half-year performance Quarterly financial statements as at 30 June 2015 plainpicture/fstop/ralf Hiemisch Annual guidance raised after strong half-year performance Munich, 6 August 2015 Agenda Introduction Nikolaus von Bomhard 2 Munich Re (Group) Jörg Schneider 6 Business field

More information

Zurich s approach to Enterprise Risk Management. John Scott Chief Risk Officer Zurich Global Corporate

Zurich s approach to Enterprise Risk Management. John Scott Chief Risk Officer Zurich Global Corporate Zurich s approach to Enterprise Risk Management John Scott Chief Risk Officer Zurich Global Corporate Agenda 1. The risks we face 2. Strategy risk and risk tolerance 3. Zurich s ERM framework 4. Capital

More information

GOOD START TO THE YEAR 2013 Goldman Sachs Seventeenth Annual European Financials Conference

GOOD START TO THE YEAR 2013 Goldman Sachs Seventeenth Annual European Financials Conference GOOD START TO THE YEAR 203 Goldman Sachs Seventeenth Annual European Financials Conference Brussels, June 203 Nikolaus von Bomhard Reliable business strategy contributing to attractive shareholder return

More information

Results for the three months to March 31, 2014

Results for the three months to March 31, 2014 Results for the three months to March 3, 04 Analysts and Media Presentation May 5, 04 Zurich Insurance Group Key messages Solid start to the year Good combined ratio, benefitting from one-off gain and

More information

MAT and Space Insurance - Key data 2010 -

MAT and Space Insurance - Key data 2010 - Property and Casualty Insurance December 2011 MAT and Space Insurance - Key data 2010 - This document is the exclusive property of FFSA and GEMA and is protected by copyright. Any reproduction, representation

More information

Public Private Partnerships in Disaster Risk Management

Public Private Partnerships in Disaster Risk Management Public Private Partnerships in Disaster Risk Management Reto Schnarwiler 22 February2007 Risk management needs of the public sector Governments are exposed to a variety of risks explicitly by default as

More information

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12

Global Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12 Industry Surveys Global Insurance www.reportsure.com March 2006 Report Synopsis In 2004 insurance premiums accounted for nearly 8% of global GDP, with a value of USD 3,244 billion. The industry grew by

More information

From Clients to Global Financial Markets. Flood Insurance. Wolfgang Kron Geo Risks Research Munich Reinsurance Company. Topics

From Clients to Global Financial Markets. Flood Insurance. Wolfgang Kron Geo Risks Research Munich Reinsurance Company. Topics 4 th International Symposium on Flood Defence Flood Insurance From Clients to Global Financial Markets Wolfgang Kron Geo Risks Research Munich Reinsurance Company Topics Recent flood disasters and disaster

More information

Conference Call on Interim Report 1/2015

Conference Call on Interim Report 1/2015 Conference Call on Interim Report 1/2015 Hannover, 6 May 2015 Excellent start to 2015 Remarkable increase in premiums and earnings Group Gross written premium: EUR 4,400 m. (+21.4%) Net premium earned:

More information

Summary of concerns raised by the European insurance industry regarding the OECD BEPS Project

Summary of concerns raised by the European insurance industry regarding the OECD BEPS Project Summary of concerns raised by the European insurance industry regarding the OECD BEPS Project A position paper by Insurance Europe and the Tax Expert Group of PEIF member companies Our reference: ECO-TAX-15-111

More information

German Insurance Association

German Insurance Association German Insurance Association Key regulatory and market access issues in relations with specific third countries ID-Number 6437280268-55 Gesamtverband der Deutschen Versicherungswirtschaft e. V. German

More information

Ranking of the Largest European Insurance Groups 2012. Total, Life and Non-Life

Ranking of the Largest European Insurance Groups 2012. Total, Life and Non-Life Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European

More information

Rating Action: Moody's assigns A3 IFSRs to Atradius, negative outlook

Rating Action: Moody's assigns A3 IFSRs to Atradius, negative outlook Rating Action: Moody's assigns A3 IFSRs to Atradius, negative outlook Global Credit Research - 25 Oct 2012 London, 25 October 2012 -- Moody's Investors Service has assigned A3 insurance financial strength

More information

MAT and Space Insurance. November 2013

MAT and Space Insurance. November 2013 MAT and Space Insurance November 2013 Key data 2012 This document is the exclusive property of FFSA and GEMA and is protected by copyright. Any reproduction, representation and distribution of all or part

More information

Strong balance sheet Strong returns Morgan Stanley 10 th Annual European Financials Conference 2014. London, 27 March 2014. Jörg Schneider, CFO

Strong balance sheet Strong returns Morgan Stanley 10 th Annual European Financials Conference 2014. London, 27 March 2014. Jörg Schneider, CFO Strong balance sheet Strong returns Morgan Stanley 10 th Annual London, 27 March 2014 Jörg Schneider, CFO Agenda 1 Building on a good track record 3 2 Sound capitalisation providing flexibility 8 3 Business

More information

1Q 2015 Financial results

1Q 2015 Financial results 1Q 2015 Financial results Financial analysts meeting April 28 th, 2015 1 1 Highlights 2 Commercial & Risk overview 3 Year-to-date results 4 Appendices 2 1Q 2015 Financial highlights Turnover reaches 670.3

More information

Association of British Insurers UK Insurance Key Facts. UK Insurance KEY FACTS

Association of British Insurers UK Insurance Key Facts. UK Insurance KEY FACTS September 2013 Association of British Insurers UK Insurance Key Facts UK Insurance KEY FACTS 2013 abi.org.uk @BritishInsurers 3 Association of British Insurers UK Insurance Key Facts September 2013 About

More information

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

Financial supplement 2013. Zurich Insurance Group Annual Report 2013 Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating

More information

The Munich Re Group American Re Reserve Review Outcome. Telephone conference for analysts and investors. Nikolaus von Bomhard Jörg Schneider

The Munich Re Group American Re Reserve Review Outcome. Telephone conference for analysts and investors. Nikolaus von Bomhard Jörg Schneider Reserve Review Outcome Telephone conference for analysts and investors Nikolaus von Bomhard Jörg Schneider 19 July 25 Put an end to the uncertainty in 's reserves reserve strengthening by US$ 1.6bn ( 1.3bn),

More information

Best's Credit Rating and Report Updates for ALLIANZ GLOBAL CORPORATE & SPECIALTY AG

Best's Credit Rating and Report Updates for ALLIANZ GLOBAL CORPORATE & SPECIALTY AG AMB Credit Report - Insurance Professional - ALLIANZ GLOBAL CORPORATE &... Page 1 of 12 Print this report View/Save Report from a New Window Best's Credit Rating and Report Updates for ALLIANZ GLOBAL CORPORATE

More information

South East Europe and Caucasus Catastrophe Reinsurance Facility

South East Europe and Caucasus Catastrophe Reinsurance Facility South East Europe and Caucasus Catastrophe Reinsurance Facility By: Wael Zakout, Manager: Urban, Water and Disaster Management, Europe and Central Asia Region Background information The World Bank UNISDR

More information

Conference Call on 1 Jan 2008 Non-Life Treaty Renewals

Conference Call on 1 Jan 2008 Non-Life Treaty Renewals Conference Call on 1 Jan 2008 Non-Life Treaty Renewals Hannover, 5 February 2008 Renewals Outlook Appendix IMPORTANT NOTE Unless otherwise stated, the renewals part of the presentation is based on underwriting-year

More information

Quarterly result of 738m Profit guidance for 2014 to be exceeded slightly

Quarterly result of 738m Profit guidance for 2014 to be exceeded slightly Munich, 06 November Quarterly result of 738m Profit guidance for to be exceeded slightly Contact Media Relations Munich, Johanna Weber Tel.: +49 (89) 3891-2695 Fax: +49 (89) 3891-72695 jweber@munichre.com

More information

Fourth study of the Solvency II standard approach

Fourth study of the Solvency II standard approach Solvency Consulting Knowledge Series Your contacts Kathleen Ehrlich Tel.: +49 (89) 38 91-27 77 E-mail: kehrlich@munichre.com Dr. Rolf Stölting Tel.: +49 (89) 38 91-52 28 E-mail: rstoelting@munichre.com

More information

MTPL BI Claims Development Patterns in Various EU Markets

MTPL BI Claims Development Patterns in Various EU Markets MTPL BI Claims Development Patterns in Various EU Markets SECTION A Comparison of Compensation 2 Fatalities 41-year old male, employee, annual net income 40,000 Survivors: Spouse 2 children (ages 6 and

More information

Rising dividend after good results Preliminary financial statements as at 31 December 2014

Rising dividend after good results Preliminary financial statements as at 31 December 2014 Rising dividend after good results 5 February 205 Torsten Jeworrek Jörg Schneider Munich Re (Group) Financial highlights Q4 204 Good annual profit of 3.2bn Dividend increasing to 7.75 per share Munich

More information

Low rates and heavy regulation how to deliver shareholder returns Bank of America Merrill Lynch Banking & Insurance CEO Conference

Low rates and heavy regulation how to deliver shareholder returns Bank of America Merrill Lynch Banking & Insurance CEO Conference Bank of America Merrill Lynch Banking & Insurance CEO Conference London, 2 October 204 Nikolaus von Bomhard Low rates and heavy regulation how to deliver shareholder returns Low interest rates Imbalance

More information

Assessing Sources of Funding for Insurance Risk Based Capital

Assessing Sources of Funding for Insurance Risk Based Capital Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types

More information

2007 Annual Report Advancing Performance

2007 Annual Report Advancing Performance 2007 Annual Report Advancing Performance We enable the risk-taking that is essential to enterprise and progress. Who we are Swiss Re is a leading and highly diversified global reinsurer. We combine outstanding

More information

Modelling and Management of Tail Risk in Insurance

Modelling and Management of Tail Risk in Insurance Modelling and Management of Tail Risk in Insurance IMF conference on operationalising systemic risk monitoring Peter Sohre, Head of Risk Reporting, Swiss Re Washington DC, 27 May 2010 Visit of ntuc ERM

More information

THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE

THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE Euroforum Reinsurance Summit 200 THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE Andreas Molck-Ude (CEO and Managing Director) OUTLINE. Perceptions of Hubs 2. Aspects about Zurich 3. Case Study

More information

Global Warming A Changing Risk Landscape

Global Warming A Changing Risk Landscape Global Warming A Changing Risk Landscape Climate Change Gjensidige Nov 4 th 08 Agenda Business environment Climate Change Physical environment Page 2 General observations Upwards trend 110 2005: TC Katrina,

More information

DELIVERING GROWTH IN BOTTOM-LINE RESULTS BALANCE SHEET PRESS CONFERENCE 2013

DELIVERING GROWTH IN BOTTOM-LINE RESULTS BALANCE SHEET PRESS CONFERENCE 2013 DELIVERING GROWTH IN BOTTOM-LINE RESULTS BALANCE SHEET PRESS CONFERENCE 2013 12 March 2013 Agenda Delivering growth in bottom-line results Nikolaus von Bomhard 2 Munich Re (Group) Jörg Schneider 8 Primary

More information

Strategic positioning in a competitive market

Strategic positioning in a competitive market Strategic positioning in a competitive market Initiatives for long-term success Ulrich Wallin, Chief Executive Officer 18th International Investors' Day Frankfurt, 14 October 2015 Market overview Positioning

More information

How international expansion is a driver of performance for insurers in uncertain times

How international expansion is a driver of performance for insurers in uncertain times How international expansion is a driver of performance for insurers in uncertain times Accenture Global Multi-Country Operating Model Survey May 2009 Copyright 2009 Accenture. All rights reserved. Accenture,

More information

UK INSURANCE KEY FACTS 2014. UK Insurance KEY FACTS. Follow us on Twitter @BritishInsurers

UK INSURANCE KEY FACTS 2014. UK Insurance KEY FACTS. Follow us on Twitter @BritishInsurers UK INSURANCE KEY FACTS 2014 UK Insurance KEY FACTS 2014 3 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS About the ABI The Association of British Insurers is the

More information

MANAGING FOR VALUE IN AN UNCERTAIN ECONOMIC AND REGULATORY ENVIRONMENT

MANAGING FOR VALUE IN AN UNCERTAIN ECONOMIC AND REGULATORY ENVIRONMENT MANAGING FOR VALUE IN AN UNCERTAIN ECONOMIC AND REGULATORY ENVIRONMENT London, 24 March 2010 Jörg Schneider Munich Re (Group) Highlights Strong 2009 earnings and sound capitalisation allow for increase

More information

Insurance and the Capital Markets *

Insurance and the Capital Markets * The Geneva Papers, 2007, 32, (35 41) r 2007 The International Association for the Study of Insurance Economics 1018-5895/07 $30.00 www.palgrave-journals.com/gpp Insurance and the Capital Markets * Jozef

More information

Solvency II and catastrophe

Solvency II and catastrophe Solvency II and catastrophe risks: Measurement approaches for propertycasualty insurers Country-specific requirements or standard formula? Authors: Dr. Kathleen Ehrlich Dr. Norbert Kuschel Contact solvency-solutions@munichre.com

More information

Innovation Translating ideas into business

Innovation Translating ideas into business Image: David Malan / Getty Images Innovation Translating ideas into business Monte Carlo, 13 September 2015 Torsten Jeworrek, Thomas Blunck Agenda 1 Global reinsurance landscape Torsten Jeworrek 2 Munich

More information

INSURANCE WORLD 2 A COMPLEX MODEL FOR MANAGING RISK IN THE AGE OF GLOBALIZATION

INSURANCE WORLD 2 A COMPLEX MODEL FOR MANAGING RISK IN THE AGE OF GLOBALIZATION INSURANCE WORLD 2 A COMPLEX MODEL FOR MANAGING RISK IN THE AGE OF GLOBALIZATION (Gionta Giuseppe) (ItalRe Group) (V. Panama 22 Roma) (tel : 0039.06.8414200) (Fax : 0039.06.85354725) (E-mail : g.gionta@italre.it)

More information

Capital Management in a Solvency II World & the Role of Reinsurance

Capital Management in a Solvency II World & the Role of Reinsurance Capital Management in a Solvency II World & the Role of Reinsurance Paolo de Martin CEO SCOR Global Life IAA Colloquium Oslo June 2015 Overview Why I Focus today on Capital Management? Reminder key objectives

More information

P&C strategies in a competitive market. Juergen Graeber, Member of the Executive Board/COO P&C R/I

P&C strategies in a competitive market. Juergen Graeber, Member of the Executive Board/COO P&C R/I Juergen Graeber, Member of the Executive Board/COO P&C R/I 17th International Investors' Day London, 23 October 2014 Today: "intense competition and ongoing pricing pressure"* State of the property cat

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

9M 2014 Results 13 November 2014. Herbert K. Haas, CEO Dr. Immo Querner, CFO

9M 2014 Results 13 November 2014. Herbert K. Haas, CEO Dr. Immo Querner, CFO 9M 2014 Results 13 November 2014 Herbert K. Haas, CEO Dr. Immo Querner, CFO Agenda I II III IV Group Highlights Segments Investments / Capital Outlook Appendix 9M 2014 Additional Information 2 I 9M 2014

More information

What are Insurance Linked Securities (ILS), and Why Should they be Considered?

What are Insurance Linked Securities (ILS), and Why Should they be Considered? What are Insurance Linked Securities (ILS), and Why Should they be Considered? Presentation to the CANE Fall Meeting, September 2012 Swiss Re Capital Markets 1 What are Insurance Linked Securities? Natural

More information

Extract from. Études et Dossiers No. 338

Extract from. Études et Dossiers No. 338 International Association for the Study of Insurance Economics Études et Dossiers Extract from Études et Dossiers No. 338 3rd Chief Risk Officer Assembly Key drivers of a new risk culture 26 27 November

More information

CONFERENCE ON CATASTROPHIC RISKS AND INSURANCE 22-23 November 2004 CURRENT MARKET TRENDS FOR CATASTROPHE BONDS AND RISK LINKED SECURITIES

CONFERENCE ON CATASTROPHIC RISKS AND INSURANCE 22-23 November 2004 CURRENT MARKET TRENDS FOR CATASTROPHE BONDS AND RISK LINKED SECURITIES DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS CONFERENCE ON CATASTROPHIC RISKS AND INSURANCE 22-23 November 2004 CURRENT MARKET TRENDS FOR CATASTROPHE BONDS AND RISK LINKED SECURITIES Christopher McGhee

More information

Non Traditional Pricing - Alternative Risks -

Non Traditional Pricing - Alternative Risks - Non Traditional Pricing - Alternative Risks - Prof. Dr. Martin Balleer, Georg-August-Universität Göttingen Germany 13th/14th June 2013, Vrnjacka Banja XI International Symposium on Insurance INSURANCE

More information

Conference Call on Interim Report 1/2009

Conference Call on Interim Report 1/2009 Conference Call on Interim Report 1/2009 Hannover, 5 May 2009 DISCLAIMER This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors

More information

TODAY S OIL PROVIDES COST-EFFECTIVE COVERAGE THAT FORMS CORNERSTONE CAPACITY FOR ITS MEMBERS WIDER INSURANCE NEEDS.

TODAY S OIL PROVIDES COST-EFFECTIVE COVERAGE THAT FORMS CORNERSTONE CAPACITY FOR ITS MEMBERS WIDER INSURANCE NEEDS. UNDERSTANDING OIL TODAY S OIL PROVIDES COST-EFFECTIVE COVERAGE THAT FORMS CORNERSTONE CAPACITY FOR ITS MEMBERS WIDER INSURANCE NEEDS. THE ORIGINS OF OIL In the face of a dearth of available capacity from

More information

Delivering strong capital returns Munich Re equity story

Delivering strong capital returns Munich Re equity story plainpicture/fstop/ralf Hiemisch Delivering strong capital returns Munich Re equity story January 206 Agenda Equity story 3 Backup Group 20 Reinsurance 45 ERGO 62 Munich Health 75 Investments 78 2 Equity

More information

Aspen Insurance Holdings Limited

Aspen Insurance Holdings Limited Aspen Insurance Holdings Limited Chris O Kane, Chief Executive Officer Julian Cusack, Chief Financial Officer February 2007 Safe Harbor Disclosure This presentation contains non-gaap measures and is for

More information

Standardising the Longevity Market Have we arrived yet? An update on the work of the LLMA

Standardising the Longevity Market Have we arrived yet? An update on the work of the LLMA Standardising the Longevity Market Have we arrived yet? An update on the work of the LLMA 19 February 2013 Benoit Moreau AXA Pretty Sagoo Deutsche Bank Agenda Introduction Longevity What s at stake? The

More information

Annual Results 2013. Analysts Presentation February 13, 2014

Annual Results 2013. Analysts Presentation February 13, 2014 Annual Results 03 Analysts Presentation February 3, 04 Disclaimer and cautionary statement Certain statements in this document are forward-looking statements, including, but not limited to, statements

More information

How can reinsurance help lower the non-life catastrophe risk in the standard formula? EIOPA publishes guidelines

How can reinsurance help lower the non-life catastrophe risk in the standard formula? EIOPA publishes guidelines the non-life catastrophe risk in the EIOPA publishes guidelines Authors Dr. Norbert Kuschel Katja Losko July 15 Introduction The history of the insurance industry has been repeatedly marked by numerous

More information

Optimal Hedging Strategy for Catastrophic Mortality Risk. Considering Life settlements

Optimal Hedging Strategy for Catastrophic Mortality Risk. Considering Life settlements Optimal Hedging Strategy for Catastrophic Mortality Risk Considering Life settlements Sharon S. Yang Professor, Department of Finance, National Central University, Taiwan. E-mail: syang@ncu.edu.tw. Hong-Chih

More information

The reinsurance industry in 2020. Denis Kessler SCOR CEO & Chairman

The reinsurance industry in 2020. Denis Kessler SCOR CEO & Chairman The reinsurance industry in 2020 Denis Kessler SCOR CEO & Chairman 2 The reinsurance industry in 2020 1 Five reasons for investing in reinsurance 2 Two trends to monitor: regulatory changes and buyer behaviour

More information

SCOR inform - April 2012. Life (re)insurance under Solvency II

SCOR inform - April 2012. Life (re)insurance under Solvency II SCOR inform - April 2012 Life (re)insurance under Solvency II Life (re)insurance under Solvency II Author Thorsten Keil SCOR Global Life Cologne Editor Bérangère Mainguy Tel: +33 (0)1 58 44 70 00 Fax:

More information