German re-insurer Hannover Re (HVRRF.PK) said Monday that it expects no threat to Group net income for 2013 despite flood losses.
Although the floodwaters in Germany, Austria and the Czech Republic have likely peaked, it is still too early to make a precise assessment of the insured losses. More accurate damage surveys will only be possible once the floods have receded, the company said.
However, the company has made an initial loss estimate based on its written reinsurance treaties. The company anticipates that its net loss may exceed 100 million euros, but should remain significantly below 200 million euros.
According to the company, In view of the rather minimal incidence of major losses to date, this means that the major loss budget for the first half-year will probably not be fully utilised. This is the case even allowing for the tornado damage in the U.S. state of Oklahoma in May of this year, which impacted the company in an amount of 30 million euros for net account.
Therefore, the company said it feels able to reaffirm its Group net income guidance of around 800 million euros for 2013. In this context it should be borne in mind that the entire major loss budget for the second half of the year is still available.
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