Satisfactory Property & Casualty reinsurance renewals in a competitive environment
2005 P&C renewals.
A competitive environment, a stable premium income, new clients, new lead underwriting positions, encouraging quota share increases on existing treaties, rigorous underwriting in the joint pursuit of profitability and risk control.
- A fragmented pricing environment, i.e. with varying developments according to type of business and geographic zone, marked by rate decreases in short tail sectors.
- Written risks selected on the basis of technical profitability applying the strict underwriting criteria outlined in the “Moving Forward” Plan.
- EUR 802 M of gross premiums were written on Property & Casualty treaties during the 1 January 2005 renewals, which leads us to expect an annual premium income of around EUR 940 million, representing a relatively stable premium income figure for this sector (-3% at current exchange rates).
- Annual gross written premium increase of at least 3% in the core European market (France, United Kingdom, Spain and Portugal and Central Europe). An annual gross written premium increase of around 10% is expected in the core Asian market.
- For Large Corporate Accounts, 20% of the portfolio was up for renewal as of 1 January 2005 and 77% of these contracts were renewed.
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