Hannover, 23 March 2011:
The earthquake in Japan is one of the most devastating natural disasters suffered by the people of Japan in their history. "We have been deeply shaken on a personal level by the events that have unfolded in Japan. All our sympathies go out to the Japanese people. We shall assist and support our Japanese clients and, in our role as reinsurer, we shall play our part in shouldering the resulting burden", Ulrich Wallin, Chief Executive Officer of Hannover Re, stated.
In view of the complexity of the event, reliable information on the total market loss for the insurance industry is not yet available. Any assessment of the loss amount is therefore still subject to considerable uncertainty. Based on its analysis of individual treaties, Hannover Re currently anticipates a burden of losses in the order of EUR 250 million after retrocessions and before taxes.
Hannover Re will provide more detailed information on the current financial year on 3 May 2011 in the context of its reporting on the first quarter.