United Kingdom and the London Market

The financial market crisis left its mark on the United Kingdom, and especially on Ireland. The building industry there saw a decline of some 30%, as a consequence of which less insurance coverage was purchased. In the UK the adverse effects primarily impacted the banks. Prices for professional indemnity insurance consequently also rose sharply, particularly for financial institutions. In the casualty sector Hannover Re again profited from its very good rating.

In motor business we were able to secure moderate rate increases. Although we maintain a small number of longterm business relationships, we generally pursue an opportunistic underwriting policy in the London Market. Our premium volume was slightly enlarged in the year under review. We were broadly satisfied with the development of our business.