Hannover Re sees 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. Hannover Re

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 EUR 30 million for net account.

Hannover Re therefore feels able to reaffirm its Group net income guidance of around EUR 800 million 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.