HANNOVER Re developed a special reinsurance program for the Ukrainian market

27 September 2012 — Olesea ADONEV
alexandre_guerassimenko"Last year's major catastrophic losses taught us lessons such as the need to control the accumulation of risk especially for contingent business, the need of a separate analysis for the regions not considered to be "peak zones" for earthquakes and also a review of catastrophic risks models", said Alexandre GUERASSIMENKO, Senior Underwriter for Central and Eastern Europe, HANNOVER Re, during the XII Yalta International Financial Forum. In addition, it is important to analyze the other risks besides earthquakes, such as tsunami and soil liquefaction.

In this context, HANNOVER Re has developed a special multi-line combined per risk/per event reinsurance program for the Ukrainian insurance market. "The main advantages of this program are economy, efficiency and flexibility, said Alexandre GUERASSIMENKO.

According to the HANNOVER Re specialist, "2011 can be characterized as a year of record catastrophic losses due to natural disasters, such as the earthquakes in Japan and New Zealand, where insured losses amounted to USD 40 billion and USD 13.5 billion. The total 2011 catastrophic losses covered by insurance amounted to USD 105 billion, exceeding even the 2005 level, as a result of the hurricanes".

HANNOVER Re is active on the Ukrainian market since the middle of 90's and has been maintaining contacts with all the leading players of this market, providing reinsurance services as per all lines of business both on obligatory and facultative basis.

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