Aviation

In international aviation reinsurance we similarly rank among the market leaders. These risks are written predominantly through the London Market.

Primary insurers were able to increase their premiums in 2009 following losses in previous years, hence prompting significant hardening of the airline sector. In general aviation and product liability prices stabilised on a low but nevertheless adequate level. On the reinsurance side, too, rates picked up in non-proportional business – by around 10% to 15%. In view of limited capacities for lower layers, prices here rose more sharply than under higher layers.

We stepped up our own involvement in non-proportional reinsurance and further improved the diversification of our portfolio through new acceptances in general aviation reinsurance.

Premium income climbed, while the exposure was reduced owing to lower passenger numbers.

The year under review suffered under higher-than-average loss expenditure. The largest individual loss for our company was the crash of an Air France jet with a net strain of EUR 33.8 million. Other major claims to impact our account were a plane crash in the United States and two satellite losses.

The combined ratio stood at 86.3%.