Share register, organization, public relations, economic studies and other central services E. A. Kubii, Senior Executive Manager R. Rüesch, Executive Manager 0. Jenni, Member of Management E. Schienker, Member of Management
needed premium i ncreases i n insuranee are u nfortunately only being implemented hesitatingly and In minimal steps. It can hardly be expected of reinsurers that they continue to wait for a recovery of the ailing industrial business. An effective and rapid reduction of the current losses has therefore to be achieved by means of a mas­ sive improvement of reinsurance conditions. Moreover, in the year under report a series of wind and hailstorms and extreme winter weather in various countries caused con­ siderable losses, which greatly worsened the result. Riot damage in Sri Lanka was also of consequence. Viewed individually, these occurrences caused no catastrophic losses, but together they cost the Swiss Re more than Sw. frs. 60 million. Although it is the reinsurers' job to carry such losses, it can not be expected of them that they sub­ sidise under-rated risks for years.
In General Third Party Liability reinsurance the premium income continued to rise. The increase is, however, large­ ly the result of foreign currency fluctuations. The further significant increase in the loss stems from the retroces-
Oil platform in the Forties Field (Great Britain). North Sea r.-:>.;'(r:..'v •
New legislation called for extensive adjustments in the field of company social security. This affected, on the one hand. Accident insurance which had to be adapted to conform with the Compulsory Accident insurance regula­ tions which came into force on 1st January 1984 and, on the other. Personnel Welfare which had to be thoroughly revised in view of the new Federal law on personnel welfare. The work which these adjustments entailed con­ firmed that the new compulsory legislation brings no advantages to the staff of companies which already had extensive social benefits but considerably increases the administrative work of the employer. Coordination be­ tween the various social insurances gives rise to particu­ lar difficulties, an aspect to which the legislators have apparently paid too little attention.
The Board of Directors will recommend to this year's General Meeting the election of Mr. Rainer E. Gut, Bassersdorf. Chairman of the Board of Directors of the Credit Suisse, Zurich, and of Mr. Paul R. Joiies, Berne, former State Secretary and now Chairman of the Board of Direc­ tors of Nestle S.A., Vevey.
Casfi in fiand, postal bank account, bank balances Current-account balances Casfi deposits
With fewer new investments the growth of the investment income of Sw. frs. 59 million was somewhat slowerthan in the previous year. The generally favourable climate on the stock exchange markets in the year under report eased the burden of write-offs and brought an increase of real­ ized capital gains. Management expenses and taxes rose less than in the previous year. The consolidated Group profit of the reinsurance companies amounted to Sw.frs. 71 million (previous year, Sw.frs. 77 million).
The Group accounts were compiled according to the published statements as at 31st December, 1983, of the companies belonging to the Swiss Re Group. Only the re­ sults of the Bavarian Reinsurance Company Limited and the European General Reinsurance Company of Zurich had not yet been published at the time of the consolida­ tion.
The following explanations supplement the remarks made in the Group Report with regard to gross premiums and results of Group companies.
The claims incurred comprise payments for Life and An­ nuity insurance as well as the adjustment in the outstand­ ing claims reserve. The total outgo for own account rose in the year under report by Sw. frs. 17 million to Sw. frs. 905 million. Of this amount, Sw.frs. 745 million concerned reinsurance companies and Sw.frs. 160 million insurance companies.
Magdeburger Versicherungsgruppe: Magdeburger Allgemeine Lebens- und Rentenversicherungs-AG DM 100 9,316 1,425,753 190,596
Vereinigte Versioherungsgruppe: : Vereinigte Ecs-Isar Lebensversicherung AG DM 95 22,773 2,786,365 394,945
Canada Canadian Reassurance Company 95 St. Clair Avenue West. Toronto, Ontario M4V 1N6 with a branch office in Montreal Canadian Reinsurance Company 95 St. Clair Avenue West, Toronto, Ontario M4V1N9 with branch offices in Montreal and Vancouver
Ceding company: The insurer which cedes (passes on) risks to the ^ reinsurer.
Hail insurance: Insurance of crops In open fields or of greenhouses and their contents against hail, storm and other natural hazards.