Product Responsibility
Through its products Hannover Re plays its part in enabling many people to enjoy insurance protection in the first place. Only thanks to internationally operating reinsurers are primary insurers even able to protect people against potential major losses – such as earthquakes – in exposed regions.
Going forward, Hannover Re will dedicate itself with even greater vigour to ensuring that especially the poorest population groups are able to protect themselves. To this end Hannover Re participates in numerous projects for so-called micro-insurances in which it reinsures the corresponding contracts offered by insurance companies. With the aid of these micro-insurance products low-income individuals are able to safeguard their means of production against a broad range of perils. Hannover Re reinsures such projects in Pakistan, Peru, Mexico, Tajikistan, Mali, Madagascar, Argentina, Bosnia and Serbia. In Peru more than 700,000 farmers are able to insure their crops against flood, drought, hail or frost. Projects in Kenya, Mongolia and Vietnam are currently under development.
Furthermore, we intend to increasingly add to our portfolio insurance products that systematically promote some aspect of sustainability. In 2010, for example, Hannover Re launched an "Energy Savings Warranty Program" on the market. The new insurance product is designed to give US homeowners incentives to invest in energy-saving technologies and energy-efficient construction methods. The program provides an insurance backstop for energy saving guarantees given by Energy Service Companies that upgrade buildings.
