Southeast Asia

Hannover Re's main markets in Southeast Asia are Malaysia, India, the Philippines and Indonesia. Our portfolio here, which we further diversified in the year under review, is composed predominantly of property business. Lines such as personal accident, crop and livestock insurance as well as terrorism covers and structured reinsurance products were systematically expanded.

Existing catastrophe-exposed proportional covers were significantly scaled back in the year under review; in India we completely withdrew from proportional business owing to a drastic rate slump in the original market. The area of micro-insurance products in hitherto relatively undeveloped markets is attracting increasing interest. In Pakistan we launched an initial project in cooperation with a locally based insurer. This means that low-income individuals in this country will now also be able to purchase insurance protection.

We slightly enlarged our premium volume in the year under review.

Both the Philippines and Indonesia were impacted by natural disasters, although the effects on our underwriting result were only minimal. Altogether, losses remained in the low double-digit million euro range.