Presentation - Renewals 2004 - Munich Re

Market sentiment
Overview
Reinsurance group Business units / Lines of business Outlook
– Ongoing high degree of
discipline, also among small
market players = focus on
underwriting profit, not growth
– Hard market still holding but
ambivalent signals; game is
played on a high plateau
– Capacity generally adequate,
but not excessive
– Widely differing market
conditions (regional, line of
business, proportional vs.
non-proportional)
300
250
200
150
100
50
0
CBS-Lloyds Index (1986=100)
91 93 95 97 99 01 03
Source: CBS Private Capital, December 2003
Marine
5
Non-marine
Aviation