Despite the unprecedented claims burdens of 2001, Munich Re has still reported strong growth figures for 2001 – even stronger than the previous year.

Gross premium income rose by 16.1% to $59.6 billion while group profit fell by $2.47 billion to $412 million. Earnings per share was $2.30 after $16.30 the previous year. Of course, the massive costs arising from September 11 and the global weakness of capital markets were contributing factors to these losses.

Reinsurance premiums rose 21.1% to $36.6 billion. And premium growth was 17.9%, even after adjustments were made to accommodate changes in exchange rates and acquisitions. The German reinsurer said 57% of its premium income resulted from reinsurance.

Life and health reinsurance premiums increased 25.5% to $9.73 billion.

Chairman Hans-Jürgen Schinzler said the Munich Re companies have “generally achieved an adequate level”, but need to go further. “Exposure due to natural perils is continuing to increase and the extent of man-made catastrophes is growing dramatically,” he said. “Insurers and reinsurers therefore need to further improvements in the renewals for 2003 in order to finance the forseeable burden.”