HANNOVER, GERMANY -- (Marketwire) -- 09/08/08 --
Hannover Re anticipates only moderate losses from hurricane "Gustav"
Hannover, 8 September 2008: Wilhelm Zeller, Chief Executive Officer
of Hannover Re, took the opportunity at a press breakfast in Monte
Carlo to give an early indication of the scale of losses from
hurricane "Gustav", which swept across the Gulf of Mexico and
Louisiana at the end of August. The relevant international modelling
agencies estimate that the storm caused insured losses in the range
of USD 1.5 to 8 billion. The total amount can be broken down into
around USD 1.5 to 4 billion for offshore business, i.e. oil rigs and
drilling platforms in the Gulf, as well as up to USD 4 billion for
onshore business, namely the insured property damage on land. A
reliable estimate of the exact loss amount will probably only be
possible in a few weeks' time.
Against this backdrop Hannover Re expects a net strain of less than
EUR 100 million. "This burden of losses still puts us well within our
catastrophe loss budget", Mr. Zeller affirmed. Hannover Re earmarks
10 % of its anticipated net premium in non-life reinsurance for this
purpose, i.e. roughly EUR 400 million for 2008.
For further information please contact:
Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 / 511 / 56 04-15 00,
e-mail: stefan.schulz@hannover-re.com)
Press and Public Relations:
Gabriele Handrick (tel. +49 / 511 / 56 04-15 02,
e-mail: gabriele.handrick@hannover-re.com)
Investor Relations:
Klaus Paesler (Tel. +49 / 5 11 / 56 04-17 36,
e-Mail: klaus.paesler@hannover-re.com)
Please visit: www.hannover-re.com
Hannover Re, with a gross premium of around 8 billion euro, is one of
the leading reinsurance groups in the world. It transacts all lines
of non-life and life and health reinsurance. It maintains business
relations with more than 5,000 insurance companies in about 150
countries. Its worldwide network consists of more than 100
subsidiaries, branch and representative offices in around 20
countries with a total staff of roughly 1,800. The rating agencies
most relevant to the insurance industry have awarded Hannover Re very
strong insurer financial strength ratings (Standard & Poor's AA-
"Very Strong" and A.M. Best A "Excellent").
Disclaimer:
Some of the statements in this press release may be forward-looking
statements or statements of future expectations based on currently
available information. Such statements are naturally subject to risks
and uncertainties. Factors such as the development of general
economic conditions, future market conditions, unusual catastrophic
loss events, changes in the capital markets and other circumstances
may cause the actual events or results to be materially different
from those anticipated by such statements. Hannover Re does not make
any representation or warranty, express or implied, as to the
accuracy, completeness or updated status of such statements.
Therefore, in no case whatsoever will Hannover Re and its affiliate
companies be liable to anyone for any decision made or action taken
in conjunction with the information and/or statements in this press
release or for any related damages.
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