Allianz group credit insurer Euler Hermes has achieved a 4.9% growth in turnover during the first three quarters of 2006.
In the Eurozone, the Euler Hermes turnover was up 3% thanks to the strong business increase in France, Italy, Benelux and in the Nordic countries. However, in Germany, revenues were down 1.8% compared to the first nine months of 2005. The company said that the reduction in revenues is mainly due to the inwards reinsurance.
In the UK, the business during the third quarter improved, showing a lower decrease (-2.8%) compared to the first half of 2006 (-6.6%). This reduction is mainly due to a strong pressure on premium rates, following a period of very low claims. However, news from the US was impressive, with turnover increasing 10.8% compared to the first three quarters of 2005.
In the new markets (eastern Europe, southern Europe, Latin America and Asia), the turnover growth was strong and amounted to more than E37 million, up 34%. As per the end of September 2006, 52% of the overall group growth came from these markets, which now represent approximately 10% of the consolidated turnover.