Hannover Re Estimates Burden of Losses for Wrecked Costa Concordia

As already reported by Hannover Re on 16 January, the incident involving the Costa Concordia cruise ship will result in a major loss for the company. The loss expenditure from marine hull insurance will be in the region of EUR 30 million for the company's net account. Liability claims are difficult to assess at this point in time. The assumption is that a market loss running into triple-digit millions of euros could result. The total loss for Hannover Re - as a leading marine reinsurer - could therefore be in the mid-double-digit million euro range.

Please visit: www.hannover-re.com

Hannover Re, with a gross premium of around EUR 11 billion, is the third-largest reinsurer in the world. It transacts all lines of non-life and life and health reinsurance and is present on all continents with around 2,200 staff. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- 'Very Strong' and A.M. Best A 'Excellent').

Please note the disclaimer: www.hannover-re.com/misc/disclaimer-pr-050811

    
      
        
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          Company:
        
        
        
        
          Hannover Rückversicherung AG
        
      
      
        
        
        
        
        
          Karl-Wiechert-Allee 50 30625
        
      
      
        
        
        
        
        
          Hannover Germany
        
      
      
        
          Phone:
        
        
        
        
          [phone]
        
      
      
        
          Fax:
        
        
        
        
          [phone]
        
      
      
        
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[e-mail]

        
      
      
        
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www.hannover-re.com

        
      
      
        
          ISIN:
        
        
        
        
          DE0008402215
        
      
      
        
          WKN:
        
        
        
        
          840 221
        
      
      
        
          Listed:
        
        
        
        
          Regulierter Markt in Frankfurt (Prime Standard), Hannover; 
          Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; 
          TerminbÃrse EUREX