ERV Global Report 2009

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					ERV Global Report
At hand to care for your safety.
Anytime. Anywhere. In any situation.

As the market leader in travel insurance, we stand for travel safety worldwide.
We cover all the needs of private and business travellers through our travel cancel-
lation, medical travel and baggage insurance products. Since the “invention” of the
world’s first baggage insurance in 1907, we have continued to develop innovative
products such as, for instance, the ticket insurance which we added to our product
range in 2009. With our long-standing experience, strategy of international expan-
sion and integration into the ERGO Group, we are optimally equipped to meet the
challenges in the years ahead.

Our credo:                                    Our promise:                                    Our direction:
We are local - worldwide.                     We are helpers on the move.                     We are ahead.
Worldwide availability has become more        Travellers want to be well taken care of.       We underpin the benefits we promise
important than ever in travel protection.     We ensure that they can feel safe on their      through our clear positioning as a reliable
Our international strategic orientation and   journey, and that they are well taken care      and competent travel insurer and our mem-
our network, which spans the globe, en-       of before, after and during the journey. This   bership in the ERGO and Munich Re Group.
able us to give our partners and customers    is the promise we make to all travellers:       In the process, we draw on experience gath-
support worldwide and, at the same time,      whether budget, individual or business trav-    ered over 100 years and offer a comprehen-
comprehensive local service.                  ellers, in Germany or elsewhere in the world.   sive and innovative product palette which
                                                                                              clearly sets us apart from our competitors.

> International strategic orientation         > Competent                                     > More than 100 years of experience
> Global network                              > Close to the customer                         > Future oriented
> Professional support on site                > Trustworthy                                   > Member of ERGO and Munich Re Group
Always there at the right moment.
Anywhere in the world.
                                                           UK and Ireland

                                                           Czech Republic

                                                           Minority holdings:
                                                           Slovakia (Austrian Branch)
                                                           Slovenia (Service by Austria)

                                                           Representatives/Sales Offices:

                                                           Baltic States
                                                           Middle East
                                                           New Zealand

Development of key performance data      2009           2008                  2007

Gross premiums written              T€    440,703.77     400,586.41             388,093.98

Operating profit                    T€      7,514.36        -603.15               15,132.83

Administrative expense ratio, net   %            10.4            11.3                       12.3

Loss ratio, net                     %            55.9            56.2                       53.2

Number of employees                             1,252          1,189                       1,130
Preface by the
Management Board

We believe that travelling, whether for business or personal reasons, for leisure or
further education will always be an integral part of global society. We are part of a
global move towards fulfilling a wish to discover the world and other cultures.

            v. Hülsen                         Bader                       Haase

Travelling in one‘s own country or abroad      and branches are a strong basis underpin-
is always associated with a certain risk.      ning our global activities.
Booking and travelling to distant and          Furthermore, as a travel insurance special-
exotic destinations is swiftly done but        ist belonging to the ERGO Insurance Group,
the precautionary measure of taking out a      and with the support of Munich Re, we
travel insurance is often neglected.           have two extremely strong partners and
We at ERV are specialised in the risks         are optimally represented across the globe.
faced by travellers and know exactly how
to handle them. In our capacity as a travel    But the pivotal focus of ERV is on people:
helper, we offer our customers broad-          travellers who receive every feasible
based assistance supported by a global         support from us on their journeys, our
service network. Our international pres-       partners with whom we stand side by
ence greatly widens the scope with which       side in the pursuit of common goals, and
we can respond to the needs of travellers      our employees who bring their unfailing,
all over the world. This is why we place       personal commitment to their daily work.
paramount importance on the ongoing in-
ternationalisation of ERV. Our subsidiaries    Your ERV Management Board

About ERV.

The new ERV                                                               07

The development of markets and business lines                             08

     Tourism and travel insurance                                         10

     Development of ERV in the leisure industry                           11

     Development of ERV in the corporate travel business                  12

ERV in Germany                                                            14

     Outstanding products and services                                    16

     Corporate social responsibility and commitment                       17

ERV Global                                                                18

     Growth across frontiers                                              20

Introducing the branches

     ETI-International Travel Protection, Horsham / London                22

     Europäische Reiseversicherung AG, sede secondaria in Italia, Milan   23

     Europäische Reiseversicherung AG, Oddział w Polsce, Gdansk           24

Introducing the subsidiaries

     Europæiske Rejseforsikring A/S Copenhagen                            25

     Compagnie Européenne d‘Assurances S.A., Paris                        26

     Europeiska Försäkringsaktiebolaget (publ), Stockholm                 27

     Compañía Europea de Seguros S.A., Madrid                             28

     Evropská Cestovní Pojist‘ovna A.S., Prague                           29

Introducing the representative offices / sales offices

     ERV China Travel Service and Consulting Ltd., Beijing                30

     ERV Sigorta Aracilik Hizmetleri Ltd.sti., Istanbul                   31

Global developments for national markets                                  32

The assistance network                                                    34

     The worldwide assistance network                                     36

     A strong partner in Germany – almeda                                 37

The employees of ERV                                                      38

ERV in Munich                                                             40

The new ERV.
A brand at your side.

With the goal of positioning ourselves optimally to meet new
challenges in mind, we renamed “die EUROPÄISCHE“ as “ERV“
in March 2009. We have long been known as ERV in our own
sector - the name which we now officially bear.

The brand
With “ERV” as our new name, we are op-         with the sickle and our well-known, vibrant
timally positioned to promote the growth       colours stand for travel insurance made for
of our activities abroad. The stylised globe   people.

                                                                                             The photos
                                                                                             For most people travelling means first
                                                                                             and foremost an opportunity to relax and
                                                                                             experience new environments.
                                                                                             Our new market launch conveys this
                                                                                             through its attractive images bathed in
                                                                                             light: They show people who are enjoying
                                                                                             themselves on their travels, with a com-
                                                                                             fortable feeling of security.
                                                                                             The new design and modern typography
                                                                                             gives the brand a more dynamic aura,
                                                                                             which embodies the new ERV.

The slogan                                     with positive emotion, and clearly and
The German slogan ”Meine Reisever-             strongly communicated and made appeal-
sicherung“ (My Travel Insurance) – an          ing to customers who can fully identify
aspiration complementing the brand is as       through the tiny word “my”.
simple as it is self-explanatory. A product
with little emotional content is suffused      ERV – Meine Reiseversicherung

The development of the markets
and business lines.

As a specialist insurance company for people travelling all over
the world, whether for business or for pleasure, ERV is embed-
ded in the tourist industry. Despite the challenging economic
environment in 2009, ERV succeeded in consolidating and
expanding its leading position in the market.

The tourism market
and travel insurance.

The general booking volume in the tourism market declined sharply in 2009.
Despite its dependency on tourism, travel insurance partly outperformed the
tourist industry.

The general global economic and financial
crisis presented all companies with enor-
mous challenges in 2009. The dependency
of the travel insurance on tourism means
that lower booking volumes will also have
an impact on the travel insurance busi-
ness. Tour operators recorded a downturn
in bookings of up to 20 percent in 2009.
In the wake of slowing demand, many tour
operators reduced their travel prices for
winter 2009 and summer 2010 by 5 – 7
percent. Winter bookings in 2009 were
very modest and the first bookings for
summer 2010 slumped. After a modest
start to the year, which is normally the
briskest month of the year for book-
ing travel insurance, there was a slight
recovery noticeable in the second quarter
of 2009 which firmed up at mid-year. The
number of policies taken out for travel
cancellation, for instance, was higher than
usual. This was also attributable to the
fact that, in times of uncertainty, the need
for security rises, which is also reflected
in the number of travel insurance sales
concluded. Nonetheless, very short-term        fluctuations of up to 30 percent were re-    crisis although the International Monetary
booking behaviour poses a risk for the         corded in travel bookings. However, ERV’s in-Fund (IMF) anticipates an overall growth in
signing of cancellation insurance policies     ternational travel insurance companies were  2011.
as many customers estimate their personal      able to keep the decline in premiums to a    In the next few years, the key to further
risk as ostensibly low in the short time       minimum through acquiring new business       growth in the industry will be innovative
window between booking and commenc-            and thanks to their good market position.    products, booking technologies and sales
ing their trips.                                                                            and distribution channels. Bookings will
                                               Travel insurance in 2010 and 2011            shift away more swiftly from the classical
The international markets                      The travel insurance market is expected to   sales channels to e-commerce, and the
The international markets also experienced     recover in 2010 but growth is not anticipat- travel insurance market will continue its
similar developments. The development          ed before 2011. The market has stagnated process of internationalisation by way of
of the tourism business was hampered           in recent years in Germany and only gener- cross-border business. Moreover, German
in many markets by unemployment and            ated low premium growth. The situation is    domestic tourism will continue to gain in
consumer reluctance to buy. Downward           expected to persist owing to the economic importance in the years ahead.

The development of ERV
in the leisure industry.

ERV succeeded in proving its strong market position and performed better than the
market, especially from the second half of the year onwards. We owe this first and
foremost to our long-standing experience, to our flexibility which enables us to
react swiftly to needs in the market, and to our restructured and broad and-based
sales team.

New product range                              ERV provides appropriate protection for        expanding the portfolio and raising earn-
ERV realigned its product range as per         travel from the North Sea to the Alps          ings. Sales and distribution through ERGO
1 July 2009, making it more flexible and       through its products for tourism in Ger-       will become increasingly important for ERV
geared more strongly to the needs of our       many, both for guests from Germany as          operations, developing into an important
customers.                                     well as for those visiting from abroad.        mainstay, alongside tourism-related sales.
Holidaymakers can now take out travel
cover products with or without excess,         Cooperation business                           Outlook for 2010 and 2011
for example. Customised solutions were         We are delighted that we have not only         We are preparing for a challenging year in
also designed for families, with the intro-    been able to win new partners in 2009          2010. The trend towards booking at short
duction of favourably priced family tariffs    but also to renew existing partnerships.       notice and the reduction of flight capaci-
for individual insurances, or with TC Top      An example is our framework agreement          ties constitute huge challenges for the
Protection – a combination of travel can-      with QTA, Germany‘s largest travel agency      whole sector.
cellation and travel curtailment insurance.    cooperation network with more than 5,000       Another steady trend is the rising propor-
This product was awarded top marks in          agencies, which we renewed for another         tion of travel in Germany. This is where we
the January 2010 edition of the German         five years.                                    see great potential for 2010 and an op-
magazine “Finanztest”.                         That ERV is a reliable and trustworthy         portunity for compensating the slowdown
ERV is always interested in developing         partner is evident in the contract with        in outgoing business.
new market niches and target groups and        L’TUR, Europe‘s market leader for last-        In 2010, ERV intends to step up its activi-
bringing new products into the market          minute travel which extended its part-         ties in making consumers more aware of
for them.                                      nership with ERV for another four years.       the new “ERV” brand and raising sensitivity
This year, for instance, we launched our       We were also able to win numerous new          to the issue of travel protection.
seminar insurance product to cater to          partners in the mid-sized tour operator        In this task, we will rely not least on our
demand outside the classical tourism           business and in e-commerce.                    long-standing expertise, broad-based sales
industry geared to a specific target group.                                                   structure, support from the sales channels
The sports equipment insurance is also         ERGO sales organisations                       of ERGO and our innovative travel products
not designed for a mass market but is a        The year 2009 saw the first increase in        all of which will aid us in taking full advan-
product interesting to a risk-aware clien-     sales for ERV through the sales channel        tage of growth opportunities in the market
tele from whom it has elicited a positive      represented by the tied agents of ERGO.        in 2010 and beyond.
response.                                      Since the official start of sales in January
Furthermore, ERV has responded to              2010, ERV offers selected solutions for
developments in society and in politics by     private and corporate customers through
making it easier for customers to decide       ERGO’s broker operations and the tied
on a holiday by offering a “holiday benefit”   agents organisations of Hamburg-
in case of job loss and by recognising         Mannheimer, DKV, Victoria and D.A.S.
short-time work as a reason for travel         Accordingly, around 30,000 brokers can
cancellation.                                  now offer travel insurance products from
A trend which is set to persist next year is   Germany‘s market leader.
the shift away from outgoing tourism to        Both sales channels release great poten-
travelling in one‘s own country.               tial in respect of winning new customers,

The development of ERV
in the corporate travel business.

Many companies have made great savings on their business travel which has
caused a considerable downturn in the corporate travel market. Premiums therefore
declined notably also in this area of travel insurance. Nonetheless, the growing
importance of insuring business trips in companies was noticeable.

In many companies corporate guidelines on
travel are now more stringent and business
trips which are not absolutely necessary
have been stopped.
The trend towards lower categories and
classes in hotels, flights and train journeys
was notable. The scaling back of corporate
events and incentive trips was conspicu-
ous. This development was also reflected
in the corporate customer business of ERV.
In the year 2009, this business line was
unable to generate any growth.

Product relaunch                               The alignment of the Corporate terms
The team responsible for Corporate Cus-        and conditions to the leisure terms and
tomers and Cooperations developed three        conditions have resulted in additional and
new business products together with            completely new benefits for corporate
product management in 2009: Corporate          customers.
Travel Insurance Individual, Corporate         After the initial enquiry by the customer,
Travel Insurance Compact and Incoming          the product is customised by combining
Business.                                      different modules and required benefit
New features include daily premiums            levels to meet the customers demands.
across all products, the option of selecting
between products with or without excess,       Due to ERV’s integration into ERGO and
and raising the age limit of persons insured   overlapping with DKV, the active sale of
from 64 to 67 years old.                       the “Corporate Expatriate“ and “Nordic
Also deserving a special mention is that       Health Care“ products was discontinued.
the costs of using a specialised consul-
tancy company are now covered up to            The new business product range, intro-
€ 60,000 in the event that an employee is      duced in 2009, forms the basis for ERGO
kidnapped.                                     sales operations (see page 11).
                                               Expectations are high especially in corpo-
Furthermore, the new Corporate Travel          rate customer business through brokers.
Insurance Compact, based on the former
Multi-Cover Protection Business, is a pro-     ERV continues to distribute all three busi-
duct which is ideal for mid-sized companies    ness products under its business travel
with up to 250 employees.                      direct sales line.

Slight changes were made to the combi-         Outlook for 2010 and 2011
nation of the individual business lines of     Even if the economy picks up momentum
Corporate Travel Insurance Compact and in      again there is a risk that demand may not
Incoming Insurance, formerly known as “In-     necessarily reach all areas of the business
surance for Business Visitors from Abroad“.    travel sector because the need to reduce
There are three product alternatives           costs is rising at the same time.
respectively: Basic, Full and Comfort.         ERV is well positioned to actively meet
Both products can be sold by way of direct     this trend in the market through the
sales using the new booking engines.           additional corporate customer business
Under the new Corporate Travel Insur-          generated by the ERGO brokers and their
ance Individual all business lines can be      new business products.
combined individually with one another, as

in Germany.

What makes a company like ERV special? Excellent products and
services, customer and service orientation through and through,
as well as awareness of its responsibility to society are attributes
which can accompany international expansion out of the German
market into other individual countries.

Our advantage.
Excellent products and services.

How successful the company is can also be seen from the awards that it has won.
In 2009 and 2010 a series of awards were conferred on ERV.

Stiftung Warentest                                                                            That ERV is in a position to honour its
(German consumer test foundation)                                                             obligations has now been certified by this
In a test carried out by the “Finanztest”                                                     external agent. Moreover, Fitch Ratings
magazine on the topic of travel cancel-                                                       awarded ERV a seal of financial strength
lation insurances, ERV‘s products were                                                        only given to insurers with a strong
placed among the top three providers                                                          financial base. Fitch Ratings analysts carry
across all categories. In the category “Full                                                  out assessments of countries, insurance
Cover”, the testers also assessed ERV‘s TC     Certification of Stiftung Warentest awarding   companies, banks, companies and securiti-
Top Protection which is a combination of       the score "Good“ for the “Annual Travel        sation transactions. As one of the leading
                                               Cancellation Insurance for Families“.
travel cancellation and travel curtailment                                                    providers of independent credit ratings,
insurance. This product was tested in four     Fitch Ratings                                  Fitch assesses the financial strength and
categories of single versus annual policies    ERV was the first travel insurance com-        creditworthiness of insurance companies
as well as tariffs for individuals versus      pany to undergo the stringent assessment       in all business lines of primary insurance
those for families. ERV received the score     modalities of internationally reputed Fitch    and reinsurance.
“Good” for each of the products without        Ratings. With great success: The market
excess. ERV received top scores for its        leader in the travel insurance sector was                       FINANCIAL STRE
                                                                                                          ER                 NG

TC Top Protection in the “Annual Insur-        awarded A+, which is a certification of its         SU


ance for Families“ category. The testers       financial strength. Insurance benefits are
assessed the products primarily in terms       not only a promise. In the event of loss
of the scope of benefits and end-customer      or damage what is important is that the                    www
                                                                                                             . fi tc h rati n g s . c o m
friendliness of the terms and conditions.      support envisaged is actually provided.

Our service plus.
The Medical Advice Service.
The Medical Advice Service of ERV              higher costs of cancellation themselves.
“saves“ around 40 percent of holiday           The Medical Advice Service of ERV relieves
trips.                                         the customer of this difficult decision. A
                                               neutral medic specialised in travel will ad-
The Medical Advice Service generates           vise the customer on what to do. The risk
decisive value added for our customers         of making a wrong decision and incurring
and makes that small but important differ-     correspondingly high cancellation costs is
ence in the travel cancellation insurance.     assumed by ERV. If the customer gets well
In its January 2010 edition of “Finanztest“,   enough to travel having a holiday is given a
Stiftung Warentest (German consumer            second chance. Since July 2009, ERV‘s ex-
test foundation) criticised the fact that if   perienced travel medics have helped their
travellers fall ill before they have started   customers in many cases by giving them
their journey they are often abandoned         swift and competent advice. The exclusive
in their decision to cancel. Customers         service comprised under the travel cancel-
often have a poor deal, either because         lation insurance prevents 40 percent of
they cancel too hastily or, if they hesitate   holiday trips being cancelled and ensures
too long, because they have to pay the         that customers can go on their holiday.

Our responsibility.
Corporate social responsibility and commitment.

We have not only declared responsibility for the attribute of “helpers on the move“ –
ERV has always been aware of its responsibility to people and the environment.

“DRV Hilfe ohne Grenzen“                       “DRV Hilfe ohne Grenzen“ combines a
(German Travel Association)                    logistics network which spans the globe
“Helping people who, through no fault of       with united transport capacities to help
their own, have got into difficulties in the   people in need owing to natural catastro-
country where they are holidaying” - this      phes, acts of terrorism or war.
was the prime motivation behind the
founding of the non-profit association         The Rainforest Camp
“DRV Hilfe ohne Grenzen e.V.”, an unparal-     From 2004 until 2009, ERV supported the
leled association of travel companies who      environmental and social project entitled
pursue one goal: to provide help unbu-         “Ecological School- and Rainforest Camp
reaucratically and discreetly. As a founding   Salve Floresta” in Brazil.                      The Salve Floresta environmental project in Brazil

member ERV has supported the DRV’s             The non-profit association takes care of
projects for society – and not only through    social and ecological projects in the Brazil-   contribution to the project by donating
its membership contribution.                   ian federal state of Sao Paulo.                 more than EUR 40,000.
We have recently made donations to aid         Over the years of fruitful cooperation,
projects in Haiti.                             ERV was able to make a considerable   

Promoting our people.
The ERV High Potential Programme.
We give people prospects by promot-
ing them. This is why ERV has had an             Report by a high potential participant
international High Potential Programme
since 2007.                                                            I had the privilege     The programme gave me an extensive
                                                                       of taking part in       network of contacts and a more global
As part of the High Potential Programme,                               ERV‘s 2008/2009         view of the company. Our motivation
selected ERV employees and their inter-                                High Potential Pro-     and openness enabled team spirit to
national companies have the possibility                                gramme which was        develop quickly, which was also due
of improving their knowledge and skills,                               a huge challenge        to how well the seminar program was
thereby qualifying for cooperation or lead-                            and an exciting         organised. We learnt the various
ing complex projects in an international en-                           experience.             approaches to projects, the heart of
vironment. The focus of the programme is                               I can really recom-     which was always dialogue.
on the international project management,         mend this program for anyone who              The result of international project which
leading employees as well as change and          wants to develop their personal and           we presented to the Group’s Strategy
cross cultural management. To incorporate        professional abilities. Meeting with          Committee was met with great acclaim
practice into the programme, participants        members of the Management Board and           by the managers and was a particularly
in the High Potential Programme work on          Management and sharing their ideas            rewarding experience for us.
projects in Germany and abroad which are         and thoughts about ERV and the future
aligned to the corporate strategy of ERV.        strategy was very instructive. It was         Jørgen Søgaard Jacobsen
The High Potential Programme enjoys              particularly interesting to learn more        Europæiske Rejseforsikring
growing interest in Germany and abroad.          about their careers.                          A/S Copenhagen

Our response to globalisation.
ERV Global.

Our vision is part of our name: The protection of travellers across
frontiers and meanwhile far beyond Europe.
ERV has subsidiaries, branches and holdings throughout Europe
and cooperations across the globe.

Our aspiration.
Growth across frontiers.

ERV expanded its global presence in 2009 in accordance with its international
growth strategy. Its entry into new markets was successful.

International Business
In 2009, a new unit bearing the name
“International Business” was set up in ERV
headquarters in Munich. The combination
of European and global activities under
one roof and the deployment of regional
managers for each region, with a close link
to International Sales & Marketing, has
enabled us to fulfil the need for swift com-
munication and for streamlined processes
and efficient decision-making.
At the same time, we have clearly assigned
competences for companies, institutions
and countries. An expert for international
underwriting is tasked specifically with the
development of products and quotations
for major international customers. In 2009,
the companies of ERV succeeded in de-
livering positive results for the most part
in the European core markets despite the
difficult economic environment. The focus
of European business development was on
growth in Central and Eastern Europe.           Activities with ERGO International             growth is one of the key challenges in
                                                As a new member of the ERGO Insur-             2010. The project will start with the initial
Successful market entries                       ance Group, ERV’s International Business       step of establishing and expanding busi-
Since October 2009, ERV has been es-            unit took part in the ERGO International       ness activities in Turkey, the Baltic States,
tablished in Mexico City through our local      Knowledge Exchange programme initiated         Portugal, India and Korea.
sales representative who will develop the       by ERGO International with the aim of          In the next step further markets, especially
market together with our fronting partner.      improving cooperation between the Group        those in Central and Eastern Europe, will
ERV has secured a cooperation in Australia      companies and generating organic growth.       be entered.
and New Zealand with the largest provider       ERV intends to use this platform to initiate
of travel insurance in these countries. ERV     and intensify dialogue with selected inter-
also achieved a breakthrough into the           national ERGO companies in strategically
Turkish market in 2009. ERV Sigorta Ara-        important regions in order to advertise
cilik Hizmetleri Ltd.sti., an agency founded    for travel and assistance products or to
by ERV at the end of 2007, has positioned       develop product innovations with the
itself successfully as a specialised provider   local ERGO representative. Continuing this
of travel insurance in the market.              process in order to foster joint, profitable

New markets                                      Outlook for 2010 and 2011
Along with joint activities with ERGO, the       Consequently, the focus of ERV‘s Inter-
International Business unit intends to           national Business unit in 2010 will be on
develop new business opportunities in key        sustainable growth in the core markets
markets. ERV is in the process of realis-        and on expanding our local presence. ERV
ing its market entry into the USA with           will position its brand as an expert in the
the American Modern Insurance Group, a           travel insurance within the ERGO Insurance
subsidiary of Munich Re.                         Group and Munich Re all over the world.
ERV is on the threshold of becoming an
important provider of business travel
insurance in Brazil. Moreover, we will be re-
structuring our operating unit in China and
expanding it to include a special Sales &
Marketing team. We will be stepping up our
activities in international tenders based on
our good performance in 2009.

                                                               Munich Re

                                                      ERGO Insurance Group

                                                Europäische Reiseversicherung AG

           Subsidiaries:            Branches:               Representative /        Minority holdings:     Cooperations:
                                                            Sales Offices:
           Denmark                  Italy                   China                   Austria
                                                                                                           Baltic States
           France                   United Kingdom          Mexico                  Slovakia
                                    incl. Ireland                                   (Austrian Branch)      Middle East
           Sweden                                           Thailand
                                    Poland                                          Slovenia               New Zealand
           Spain                                            Turkey
                                    Portugal                                        (Service by Austria)   USA
           Czech Republic

ETI-International Travel Protection
Horsham / London

Developing new markets                         In 2009, however, ETI successfully ex-          TUI Schools. Our staff continued to focus
The UK branch of ERV has provided leisure      tended its travel portfolio and expanded        on service excellence, reliability and build-
and corporate travel insurance and travel      into the UK tour operator liability market.     ing long-term customer relationships in
liability products to market in the UK and     We renewed our British Airways contract         2009, which led to securing a major broker
Ireland since 2005. The UK branch has          and entered into a two-year contract with       contract in the fourth quarter of 2009.
grown organically since its founding and
has meanwhile established itself firmly as a
key UK provider to brokers and intermediar-
ies for travel insurance products. The year
2009 was a difficult one for all insurance       Growth through fostering customer relationships
companies in the UK owing to the global
recession. The situation caused pound             In our efforts to promote organic            positioned in the international arena,
sterling to depreciate by 25 percent and          growth, we will continue to develop our      along with its existing network. This
the number of people travelling abroad for        corporate travel and personal accident       facilitates the introduction of travel in-
pleasure or business to fall by 17 percent.       insurance products and to win new            surance into new markets by permitting
The impact on travel insurance companies          shares in the market by fostering            access to swift and simple solutions
was an increase in the cost of medical as-        existing customer relationships and          to tax-related issues, with duties and
sistance and fees in the eurozone.                securing long-term relationships with        compliance tasks involving language
                                                  partners who provide their customers         skills which would otherwise be both
                                                  with high quality service at a fair price.   time-consuming and costly.
                                                  ETI is committed to contributing and         ETI is convinced that overseas travel by
                                                  reinforcing the international strengths      UK citizens will recover as we live on an
                                                  of ERV in the future as well.                island, habitually seek warmer desti-
                                                  ERV offers international partners ac-        nations and do not consider spending
                                                  cess to all the advantages of a company      money on holidays as a luxury.

Europäische Reiseversicherung AG
sede secondaria in Italia

Positive development                            tic and international tenders and was the
The young Italian branch of ERV has devel-      only travel insurance specialist in Italy to    Positive trend
oped steadily and well since its founding       be invited to participate in Federvaggio
in 2008. By the second year, the Italian        (travel industry association). Moreover,        We expect the positive trend to con-
branch had already generated an extraor-        ERV is the only Italian insurer to be part of   tinue, especially in the e-commerce
dinarily high growth in revenues of 71 per-     AMADEUS’ insurance offering. Building on        sector, and that Europea brand will be
cent and sold more than 350,000 policies.       the strength of the local sales team and        firmly established thoughout Italy.
Its focus on e-commerce, strong partner-        on the international orientation of the ERV     This assumption is based on exten-
ships and developing niche markets were         Group, we have become an acknowledged           sive market research and ongoing
among the key success factors enabling          partner to airlines, consolidators, agencies,   market screening and proximity.
the branch to perform well despite the          brokers, hotels and technology providers.
difficult conditions in the market. ERV Italy   The positive performance of the company,
was represented at the most important           with its young and enthusiastic team, is
fairs, took part in the most prolific domes-    proof that it is on the path to success.

Europäische Reiseversicherung AG
Oddział w Polsce

                                                 having provided insurance cover to more
                                                 than 1.2 million travellers. The ERV brand    Good survey results
                                                 is now well recognised in the Polish market
                                                 and is perceived to be reliable and depend-   In the period from June to October
                                                 able. Europejskie’s firm positioning in the   2009, Europejskie carried out a sur-
                                                 market and its large market share has         vey on customers who had asserted
                                                 made it Poland‘s favourite travel insurance   claims. The survey included questions
                                                 company.                                      on the quality of our claims handling
                                                                                               service. The result was extremely
                                                 Efficient sales structures                    satisfactory.
                                                 Europejskie’s growth was ultimately driven    More than 70 percent of those
                                                 by its high-calibre customer and agency       surveyed gave the highest score to
                                                 service with its swift claims handling,       Europejskie when asked about the
                                                 efficient information system and different    quality of the claims handling service.
                                                 sales channels. Our products are available    Almost the same percentage of
Beata Kalitowska, Branch Manager of ERV Poland   on all major booking systems, and Europe-     respondents indicated that they had
                                                 jskie is the only Polish travel insurer       been helped by extremely profes-
Reliable partner                                 nowadays which offers its products            sional employees.
ERV has been represented by Europe-              through a broad-based range of global         It is also remarkable that around
jskie – Europäische Reiseversicherung            distribution systems. In addition, we offer   58 percent of claims were settled
AG Oddział w Polsce in the Polish market         our own search and booking engines.           within 14 days. An analysis of the
since 2004. In 2009, the Polish branch           A variety of sales channels enables us to     survey responses revealed that
continued to consolidate its reputation as       reach different groups of travellers and      more than 80 percent of claims were
a reliable partner to leading tour operators     supports agencies in providing our custom-    settled within a very short or short
and insurance companies covering Polish          ers with comprehensive travel services.       space of time. This shows that the
travellers. Today Europejskie offers a wide      Europejskie also cooperates with leading      majority of respondents were very
range of insurance products: short-term          Polish tour operators, such as TUI, Triada,   satisfied with Europejskie’s service.
and annual leisure insurance for individu-       Itaka, Alfa Star, Exim Tours and Sun&Fun.     We view the statements made in the
als and groups, business travel insurance,       Our special interest in providing best-in-    survey as confirmation of our hard
domestic travel insurance, insurance for         class cooperation and service enables us      and efficient work, which motivates
incoming guests and travel cancellation          to win a growing number of trusted busi-      us to move ahead with continuous
insurance.                                       ness partners.                                improvement. Encouraged by our
                                                                                               success, we will strive to maintain
Successful year in 2009                          Satisfying customer requirements              this positive development. We intend
Despite the global financial crisis which        By embracing a simple philosophy of “You      to do this by handling claims even
has caused turbulence in almost all walks        travel – we care”, we continue to develop     more effectively and extending our
of business, the Polish branch again             our insurance products and claims handling    existing product range. In our view,
reported a very successful year in 2009.         services to make travelling more carefree     product development is no more and
Europejskie continued to perform well            and safe.                                     that less than the fulfilment of our
on its path of concerted development by                                                        travellers’ needs. To this end, we will
raising sales systematically and reinforcing                                                   adjust our offering on the basis of
the strong position of the ERV as a lead-                                                      experience gathered in an ongoing
ing European travel insurer. The company                                                       process in order to fulfil the growing
closed the year with another record figure,                                                    demands of travellers at all times.

Europæiske Rejseforsikring A/S

                                                                    image as a specialist in the travel insur-
                                                                    ance market – being the expert which            Tried-and-tested doubles
                                                                    always offers products of a high quality at
                                                                    a competitive price.                            As a world-class tennis player, Danish
                                                                                                                    Caroline Wozniacki is on the road
                                                                    Undisputed market leader for                    more than 300 days a year.
                                                                    business travel                                 She therefore needs to be safe and
                                                                    During the course of the whole year, we         well covered at all times. We are very
                                                                    concentrated on communicating our new           proud of the fact that Caroline and
                                                                    coverage and products to both existing          her family have chosen Europæiske
                                                                    and new customers.                              as their preferred travel insurance
                                                                    The launch of our new web portal enables        company. She has been our partner
                                                                    us to step up advertising activities to pro-    in advertising, products and brand
                                                                    mote our products and reinforce our image       for four years now. Caroline had a
Artwork by the Danish artist Henry Heerup on the company building
                                                                    as travel insurance experts, also in the in     very successful season in 2009 and
                                                                    the field of corporate travel. In 2009, we      reached the US Open finals and WTA
More efficient than ever                                            won several major tenders and, at the end       Year End finals in Doha, to name a
The global economic and financial crisis                            of the year, we were undisputed market          few of the highlights.
had a significant impact in 2009. Price                             leader in the corporate travel and expatri-     We are very proud of insuring Caroline
wars and fierce competition for market                              ate insurance businesses.                       and her family as part of a compre-
shares were the consequence. Despite                                                                                hensive sponsor contract. In many
these conditions we have emerged                                    International medical insurance                 ways it could be said that we pursue
stronger than before to meet the challeng-                          Nordic Health Care, our international           the same goal as she does:
es of the new year. With its pronounced                             travel and health care insurance, increas-
orientation towards fulfilling customer                             ingly reinforced its position and brand in      We want to be top of the league.
needs, Europæiske Rejseforsikring A/S is                            several markets, primarily in Europe, South
more efficient than ever. We have launched                          America and the Middle East, in 2009. We
new products in the market, streamlined                             anticipate significant growth rates in all
business processes and realigned our                                established markets in 2010 as well.
organisation structures to better serve the
customer.                                                           Well prepared for the future
                                                                    We intend to expand our position as the
Focus on quality and price in the                                   expert in the travel insurance market and
leisure industry                                                    maintain our high standards in customer
In 2009, we added several new and inter-                            care and product development in 2010
esting products to our existing product                             as well. We expect that there will be more
portfolio: We launched an annual cancella-                          opportunities and less risks in 2010 than
tion insurance covering leisure trips world-                        in 2009. Our company is well prepared and
wide. Furthermore, we introduced products                           strong enough to take on future chal-
which complement the range of travel                                lenges whether good or bad.
insurance products of our competitors.                              In 2010, we will put our latest TV commer-
In everything we do we concentrate first                            cial on the air in which tennis star Caroline
and foremost on the key areas of quality                            Wozniacki plays tennis with Europæiske as
and price. In doing so, we strengthen our                           her reliable doubles partner.                   Tennis star Caroline Wozniacki

Compagnie Européenne
d‘Assurances S.A.

Intensive competition
The French travel insurance industry is a
mature and highly consolidated market.
A large number of travel insurance compa-
nies offer their customers in France a wide
range of products, making it increasingly
difficult to achieve differentiation from
the competition. Thanks to the trust that
customers have vested in us and to the
committed efforts of our commercial and
underwriting teams, we have been able
to add innovative solutions to our current
range of products which has contributed to
expanding the insurance business. Despite
fierce competition, we are convinced that
our service-oriented approach, based on a
strong understanding of the market, is just
what our customers and business partners         operators and travel agencies, we are in       Whereas the target group of our new sales
are looking for.                                 the process of becoming a market leader.       team is large brokers, our traditional travel
                                                                                                agencies team sells the new products to
E-commerce as a growth driver                    New products and sales teams                   smaller insurance brokers in a secondary
With swift growth in business generated          Early in 2009 we launched “Horizon Pro”        French cities throughout France and in
through our electronic sales channels,           in the market, a new product specially         French overseas territories.
2009 is proving to be the year of e-             designed for business travellers. This new
commerce. This is a trend which is well es-      product family offers travel insurance for     Further differentiation as against the
tablished, not only in our domestic market       short trips as well as for longer business     competition in 2010
but also throughout Europe as a whole. We        trips and covers all Schengen countries.       One of our main goals in the first half of
have been successful in adapting our prod-       We are proud to have set up a new sales        2010 is to participate in a number of major
uct range to this new distribution channel       team dedicated to travel insurance whose       tenders. We have also decided to add a
by offering simple products which can be         task it is to sell our products through bro-   full expatriation offer for employees of
customised to suit the needs of these new        kers. We have already achieved very good       companies working abroad (expatriates)
travellers. With the fastest growing market      results through this measure and believe       and to improve on our au pair and student
participants in electronics sales at our side,   that this new approach to business will        products.
such as Internet customers, airlines, tour       help us tap a promising market.                Our network of brokers is waiting for
                                                                                                these solutions as they are in demand. Our
                                                                                                relationship with our customers and our
  Successfully appropriate response to the swine flu                                            ability to respond swiftly to their needs
                                                                                                are factors which differentiate us clearly
     The swine flu has become an issue of        cancellation insurance in the market           from the competition in the market. We
     great debate in France. The authorities     with emergency assistance which                are convinced that our customer-oriented
     forecast up to 30 million people infect-    included the swine flu. The products,          approach will contribute to this advantage
     ed, which is about half the entire popu-    which are also available online, are           and support us in the challenging year
     lation! In the wake of pressure exerted     priced on a sliding scale depending on         2010.
     by the media, many consumers want           the target group, i.e. travel agency, tour
     insurance and assistance solutions for      operator or airline.
     this epidemic, benefits excluded from       In the last quarter of 2009, 20 percent
     most insurance contracts.                   of our total sales were attributable to
     Our company reacted swiftly to this         these products which is a clear sign of
     need by introducing an affordable travel    customer satisfaction.

Försäkringsaktiebolaget (publ)

Affirming our leading position                   we do, starting with the way we formulate
Europeiska ranks among the leading Swed-         our terms and conditions of business and         Big media campaign
ish insurance companies for private and          how we communicate with the market
business travellers. In 2009, business went      through to the things we choose to insure.       Europeiska launched a big advertising
well in all areas, and we were able to main-                                                      campaign using all advertising media
tain our leading position in the industry. By    Highest quality standards                        from April through to November
the end of the year, Europeiska had insured      Each and every employee at Europeiska            2009: print media, Internet and, for
two million private travellers, 1.5 million      is a professional, regardless of whether in      the first time, TV.
business travellers, half a million watch/       travel insurance, jewellery and watch insur-     The commercial, which was broad-
jewellery insurance customers and 15,000         ance, claims settlement, risk assessment         casted by TV4, was viewed 1,400
expatriates. We offer a special watch and        or figures – the list is long. We are known      times in its first week on YouTube.
jewellery insurance and, since April 2009,       for having the fastest claims settlement
we also insure 200,000 children in schools       in the sector, for being represented almost      The aim of the campaign was to raise
and daycare.                                     everywhere in the world and for our insur-       brand awareness in Sweden and sell
We continued to invest in security and           ance policies which maintain the highest         more travel insurances to private
safety in 2008. We were the first insur-         levels of quality and performance.               customers through tour operators. At
ance company in Sweden to offer safety           Beyond this, we are experts when it comes        the same time, we also relaunched
training (called “Travel Safe”) to private and   to providing people with security and            our website and greatly simplified the
business travellers as well as to expatriate     coming to their assistance when they need        process of buying insurance online.
families and all those who have to travel to     help. This can only be achieved through          The response to the campaign has
high-risk regions or war zones, as well as       the expertise of our company and our em-         been extremely positive.
tailored courses for companies with special      ployees, combined with their commitment.         The e-commerce business is growing
requirements.                                                                                     swiftly. All in all, Europeiska was very
                                                 Well prepared for 2010                           active in the area of social media in
New strategy                                     The extremely difficult conditions in the        2009.
Our corporate philosophy permeates all our       business environment make it difficult to        Alongside YouTube, we also have a
activities and our daily work. The guiding       predict the sales of our products in 2010.       blog, a micro blog as well as accounts
principles which we developed in 2007            If the downturn is of relatively short dura-     with LinkedIn and Facebook. Our new
have now been revised and focus on what          tion it will probably have a significant but     sales channels report rising numbers
is important. Our keywords are “Considera-       limited impact on our private insurance          of visitors overall. Our blog recorded
tion” – “Communication” – “Sensitivity”.         operations.                                      around 1,800 visits a month, and
In 2008 we set up a team for our value-          If, however, the crisis persists it will prob-   we currently have 380 followers on
oriented work which focused consist-             ably affect all the products and services        Twitter and 120 fans on Facebook.
ently on deliberating issues relating to our     of the company. We are, however, well            We have had hugely positive feed-
employees, customers and the outside             prepared to absorb a certain decline in          back on our presence in the social
world. Over the course of the year, we           demand in our traditional core businesses,       media. The Communications depart-
also reviewed our communication strategy         and work on identifying new growth op-           ment has been invited on several oc-
with the aim of reinforcing and supporting       portunities within the framework of our          casions to talk about corporate social
our growing sales through traditional and        core competencies is already in progress.        media as well as internal and external
electronic channels. At the same time we         We must now all dedicate our efforts to          communications, for instance at the
formulated a promise to the market which         ensuring that Europeiska continues to            Berghs School of Communications or
is: we understand what we insure.                grow – because we understand what we             Computer Sweden’s web conference
We want this promise to infuse everything        insure.                                          “Webbdagarna“.

Compañía Europea de Seguros S.A.

Excellent result in 2009                                                                       intend to supplement by adding expatriate
Despite the effects of the severe econo-                                                       products in cooperation with NHC.
mic crisis on the Spanish tourism market,                                                      In addition, we wish to intensify our
Europea de Seguros generated an excel-                                                         presence in the broker sales channel and
lent result in 2009 while maintaining                                                          concentrate more strongly on customer
the premiums at the previous year‘s                                                            loyalty programmes for our existing cus-
level. According to the Spanish Billing                                                        tomer base.
and Settlement Plan (BSP), there was a
22 percent decrease in air travel activity                                                     Synergies within the Group
in the country.                                                                                Europea is also on the lookout for new
The travel agencies reported an average                                                        opportunities within the ERGO enterprise
decline in sales of 15 percent. Despite                                                        structure. We are focusing in particular
these very difficult conditions, Europea                                                       on the potential in Portugal for expand-
was able to maintain its excellent and                                                         ing our business, a plan which we want
record-breaking results of 2008. Over                                                          to implement jointly with leading ERGO
the last four years, Europea has almost                                                        companies. Our current situation in Spain
doubled the volume of its business in the       be reached 24 hours a day the whole year       with DKV and D.A.S. at our side, partners
Spanish market to more than EUR 45 mil-         round in five languages. Our leading role as   with which we have built up existing
lion in premiums. We were able to lower our     the only emergency assistance platform         cooperations, is very positive. Despite the
claims ratio by 5 percent and our adminis-      dealing exclusively with travel insurance is   far-reaching crisis, an unemployment rate
tration costs by 4 percent, thereby bring-      helping us to expand our market share in       which is still running at almost 20 percent
ing our pre-tax profit, including reinsurance   Spain and Portugal.                            in Spain and a forecast for GDP growth
benefits, to more than EUR 4 million. The                                                      which is still negative, we are cautiously
crisis has not harmed our competitiveness       Further diversification                        optimistic about the near future. The key is
nor has it dented our profit in Spain. On       We believe that we can safeguard our           to continue proving to the market that we
the contrary, we exceeded our targets and       strong position in 2010 as well. Despite       offer the best services.
even our own expectations for 2009 by           the closing of more than 2,000 travel
adjusting expenses and enhancing effi-          agencies anticipated in Spain we are confi-    We are particularly interested in building
ciency in all areas of the company. Europea     dent that we will be able to repeat our suc-   up our Internet services and initiating the
has reaffirmed its leadership in the Spanish    cessful figures from 2009. With our sights     offering of services via mobile telephones.
travel insurance sector in 2009. In Portugal    firmly fixed on this goal, we will continue    We intend to offer more extensive and
we have become the third largest player in      our efforts to diversify our business.         better quality services to maintain our
the market.                                     We have a new range of business travel in-     leadership role and to gain entry into new
                                                surance products in our portfolio which we     business segments.
Pillars of success
One of the key prerequisites enabling us
to safeguard our competitiveness in the
market was diversification: Today we have         Environmental and employee programmes
a strong presence in the Internet (more
than 3 percent of total premiums), in the         Europea de Seguros is launching              and develop new programmes based on
corporate and the credit card business            “Europea Sostenible” in 2010. We want        new technologies.
as well as with tour operators, health            to treat our environment with respect        We are particularly interested in building
insurance companies and the government            and will be introducing special measures     up our Internet services and initiating
(senior citizen segments, sports, educa-          to reduce the consumption of energy          the offering of services via mobile
tion etc.). Europea is constantly widening        resources. Another new program intro-        telephones.
its range of products and services. We are        duced is “Europea Innovation”. Part of       We intend to offer more extensive and
now in a position to service other travel         this programme is to collect new ideas       better quality services to maintain our
insurance companies from France, Brazil           from our employees which we can use          leadership role and to gain entry into
and Russia through our excellent emer-            to improve our operational efficiency        new business segments.
gency assistance service where we can

Evropská Cestovní Pojist‘ovna A.S.

                                                 Best Travel Insurer                            The majority came from medical travel
                                                 We work with more than 350 agencies            insurance, followed by travel cancellation
                                                 in selling individual policies. Without our    and baggage insurance. Our claims costs
                                                 traditional, customised support concept        amounted to EUR 2.8 million and commis-
                                                 we would not have been able to generate        sions came to EUR 2.1 million. At the same
                                                 stable income from travel agents. We have      time, we reduced operational costs for the
                                                 been voted Best Travel Insurer for the         second year in a row. Consequently, we
                                                 eighth time in a row already in an annual      closed the year with a very good result of
                                                 survey conducted by a prestigious TTG          EUR 1.1 million. The solvency margin of
                                                 magazine.                                      the company far exceeded the statutory
                                                 We believe that the growing volume of          requirements for our kind of business.
                                                 direct sales over the Internet has contri-
                                                 buted to enhancing our good reputation.        Growth through innovation
                                                 We were successful in retaining our corpo-     We expect private and business travel
                                                 rate portfolio of 2,600 customers com-         to continue to fall in the Czech Republic
                                                 prising both national and international        at the start of 2010. Our growth must
                                                 companies and institutions.                    therefore come mainly from innovation.
                                                 This success was attributable to extending     We have a competent and professional
Greater market share despite the crisis          and adjusting our insurance products to        team, a sound financial basis and, owing
The number of people travelling abroad           meet the needs of our customers.               to our strong international background
declined dramatically in 2009. Only 1.95         As half of the business was done through       through ERV, we are in a position to bring
million international package holidays were      insurance brokers we were delighted that       new products to the market. We are certain
sold, which is a downturn of 15 percent.         their national Association awarded us the      that, by building up even closer relation-
Air charter holidays dropped by as much as       title of Specialised Insurer of the Year for   ships with our travel business and insur-
30 percent. Travel patterns, however, have       the third time.                                ance partners and by focusing on e-com-
not changed. About half of holidaymakers                                                        merce and improving our service quality,
still spent their holiday in Croatia, Slovakia   Good result in 2009                            we will be able to strengthen our market
and the eastern Mediterranean region.            In the financial year 2009, Evropská gener-    position even in the currently particularly
Our 17th year in the Czech market was            ated EUR 9.1 million in gross premium.         competitive environment.
hallmarked by the global recession.
Compared with record sales posted in
2008, our sales fell by 12 percent in 2009.
We were nonetheless able to raise our
market share slightly because the Czech
travel market contracted by 20 percent
overall. Moreover, we exceeded our original
forecast for pre-tax profit, which once
again put us among the most profit-
able members of international group of
specialised travel insurers. With a market
share of more than 20 percent, we have
always been an integral part of the outgo-
ing travel industry. Most important was our
traditional cooperation with tour opera-
tors. In contrast to the general decline,
we experienced a steady increase in the
number of customers buying our insurance
in combination with package tours.

ERV China
Travel Service and Consulting Ltd.

ERV received its representative office
license in China in 2008 and founded ERV                                                       ERV’s development concept
China as a coordinating unit for its Chinese
cooperation partners.                                                                          ERV has developed a unique concept
                                                                                               of integrated insurance and assis-
ERV in China                                                                                   tance offers for its Chinese partner
In order to serve Chinese insurance com-                                                       companies.
panies and their policyholders better and                                                      As a travel insurance expert, ERV sup-
to ensure a high quality of service, ERV set                                                   ports Chinese companies in product
up an emergency assistance company si-                                                         development, pricing and underwriting
tuated in the diplomatic district of Beijing.   Cooperations throughout China                  and, beyond this, provides technical
This service unit is available 24 hours a       To date we have been able to sign coope-       support. For their part, the Chinese
day all year round.                             ration agreements with ten major Chinese       insurance companies are responsible
Its purpose is to deliver comprehensive         insurance companies, with sales channels       for marketing and distribution.
assistance services to Chinese customers        covering the whole of China, and have
worldwide. The range of services com-           served thousands of Chinese policyholders
prises pre-trip advice, general medical         overseas. A short while ago ERV entered
information and medical and personal            into a strategic alliance with AUIB, thereby
assistance in the event of illness, injury or   combining the strengths of ERV‘s global
accident. Services also include evacuation,     network with the expertise of AUIB and its
repatriation, legal aid and support in the      good contacts to the Chinese aviation in-
case of lost, delayed or stolen baggage,        dustry. We will be joining forces to develop
whenever needed.                                the Chinese e-commerce market.


ERV Sigorta Aracilik Hizmetleri Ltd.sti.                                                                                                      Sigorta
Istanbul                                                                                                                                                ˛
                                                                                                                                Aracilik Hizmetleri Ltd.sti.

The team in Istanbul (from left to right): Neslihan Üsenmez, Sales, Atanur Oytuner, MD, Hakan Toru, Operations

Development since 2007                                               ERGOIsvicre resulted in an increase in the
ERV Sigorta Aracilik Hizmetleri Ltd.sti. was                         number of joint sales activities through
founded in Turkey as a broker firm at the                            brokers and major agencies. Both com-
end of 2007. A fronting contract which                               panies were able to write important new
accords with Turkish insurance law was                               corporate business. In 2009, ERV Sigorta
signed with ERGOIsvicre Sigorta. In addi-                            lifted sales by more than 4,000 percent.
tion, an assistance and claims processing
contract was signed with MedNet.                                     Stepping up cooperation with ERGOIsvicre
                                                                     is a good example of the consistent exploi-
ERV Sigorta concentrated its business                                tation of new opportunities which arise
activities on the travel sector in particu-                          through belonging to ERGO.
lar and secured the first deals with tour
operators and agencies over the course of                            Goals in 2010
2008. Flanked by PR and advertising ac-                              The highest priority in 2010 is to prepare
tivities, the company launched its website                           ourselves for a new project which is based
with a booking engine for direct insurance                           on an even closer and more extensive
policies.                                                            cooperation between ERGOIsvicre and ERV
Successful expansion in 2009
There were two important events for ERV                              The aim of ERV Sigorta is to step up the
Sigorta in 2009: One was that cooperation                            sale of corporate travel insurance and
in product delivery and reinsurance for its                          annual policies, as well as building up
travel insurance business was expanded to                            business and enhancing customer models         ERV Sigorta headquarters are in a prime location on the
                                                                                                                    European side of Istanbul. The district of Nisantasi is one of
include ERGOIsvicre, and the other was the                           to raise its share in the Turkish market. We   the most exclusive shopping and fine dining areas of Istanbul.
signing of numerous new contracts with                               will be striving to achieve a sales growth     It features luxury boutiques and is home to the offices of many
                                                                                                                    international companies. ERV Sigorta shares its office space
leading tour operators and agencies.                                 of more than 100 percent and to raise our
                                                                                                                    with the Euro-Center.
Intensifying business relationships with                             market share by 5 percent in 2010.

Global developments
for national markets.

ERV set up the International Sales & Marketing team to fulfil the needs of interna-
tional partners for online solutions. The aim of the team is to reconcile local busi-
ness conditions with those of the international partners, thereby offering the next
generation of travel insurance solutions through a global e-commerce platform.

In recent years, Internet sales have become               Our global online booking engine (IIIP)
the only high-growth segment in the travel                In IIIP, the team of ETIG (European Travel
industry. In 2009, more than 25 percent                   Insurance Group) has developed an online
of all European travel was already being                  booking engine which allows linked-up
sold via the Internet. Experts expect this                partners to integrate international travel
growth trend to hold steady in Europe.                    insurance products in their booking proc-
e-travel providers therefore need travel                  ess for air tickets, trips or hotel reserva-
insurance products as an additional source                tions.
of income and service for their custom-                   The products offered via IIIP have been tai-
ers. As many tour operators conduct their                 lored to suit customer requirements, from
business in a number of countries, Internet               the simple travel cancellation insurance
sales are a key success factor of ERV‘s                   through to complex insurance packages
strategy.                                                 which comprise travel cancellation, medical
                                                          travel, accident and baggage insurance.
ERV’s International
Sales & Marketing Team                                    ETIG (European Travel Insurance Group)
Our efforts will therefore be directed at                 ERV is member of the European Travel
international partnership agreements                      Insurance Group (ETIG), the leading travel
while taking account of local partnership                 insurance network in Europe with a total
structures and special conditions in the                  turnover of more than EUR 850 million.
various countries with the aim of being                   The umbrella organisation, with 21
able to offer our customers global insur-                 member countries, which combines
ance cover.                                               comprehensive market and product know
Technical competence in the e-commerce                    how, ensures a uniformly high standard of
sector, coupled with long-standing experi-                product and service quality independent of
ence in international product development                 the location.
and product sales, enables our team to                    Membership in the ETIG umbrella organisa-
support international and regional partners               tion facilitates a close cooperation with
in finding customised solutions for widely                the leading travel groups and enables us
differing international partner groups such               to serve our international clients all over
as, for instance, airlines, hotel portals, tour           Europe.
operators or online travel agencies.

Ron Hemelrijk, Director International Sales & Marketing   Keyvan Izadi, Head of International E-Commerce

The travel helper.
Everywhere, the world over.

Swift help for the traveller provided locally is a matter of
course for us. The more exotic the destination the greater
the challenge of giving the best support possible to a traveller
seeking help. But thanks to all global assistance network we
are optimally prepared, come what may.

 The worldwide assistance network –

As an enterprise of ERV, Euro-Center operates national branches worldwide
at eleven locations. They offer services such as claims handling, emergency aid,
customer service and network management as well as cost containment.

                                                Prague                Beijing
                                    Madrid           Istanbul
               New York
                                    Costa              Cyprus
                                            Mallorca               Bangkok
                                    del Sol

                                Rio de
                                Janeiro      Cape Town

                                                                                                       Other Assistance Companies

 Euro-Center supports companies which             and huge savings made for the custom-
 need medical treatment for their policy-         ers. Moreover, claims can be checked and         Euro-Center in figures
 holders in all parts of the world and, at        processed locally at a low cost, which
 the same time, ensures that this medical         contributes to lowering claims expenses.        •	   11 locations
 treatment does not cost more than it             At the same time, Euro-Center offers            •	   Worldwide presence
 should. Clarifying the medical costs locally,    unparalleled customer service for travellers    •	   115 employees
 i.e. where the accident has taken place or       and expatriates.                                •	   115,000 claims
 where an expatriate is based, puts Euro-                                                         •	   25-30 languages
 Center in the unique position of being able      Detailed knowledge of the respective            •	   Annual claims payments: EUR 70 million
 to navigate the insured person through the       region and of languages are matter of           •	   Annual savings: EUR 17 million
 local healthcare system or to procure treat-     course for the employees of Euro-Center.
 ment through its huge network of service         Interpersonal skills such as sensitivity, in-
 providers.                                       tegrity, a sense of responsibility and multi-
                                                  cultural awareness round up the extremely
 The concept of Euro-Center is as simple as       professional profile which equips them to
 it is effective: As it is represented locally,   successfully handle the international chal-
 medical costs can be radically reduced           lenge of their daily work.

A strong partner in Germany –

As a quality provider of integrated services in the area of assistance and health-
care, almeda GmbH serves more than 70 national and international companies in
all segments of the insurance, healthcare, financial and travel sectors as well as in-
dustry at large. Highly professional personnel in the Service Centre give advice and
concrete support in questions of healthcare and in emergency situations – 24/7,
across the globe. In its capacity of providing assistance, almeda offers security for
travel and in the home.

Active worldwide -                             action. The doctors are contacted to ob-
seven days a week - 365 days a year            tain information on the patient‘s condition.      almeda in figures
In the event of accidents abroad, the          The direct assumption of costs must be
assistance doctors of almeda make direct       ensured, and the possibility of transferring     •	   International network with around
contact with the doctors administering the     the patient is checked at an early stage.             85,000 hospitals, 120,000 doctors,
treatment, discuss the medical necessity       A correspondent office is involved due to             2,000 embassies/consulates and
and the urgency of an operation and check      the huge problems with languages and                  many other suppliers such as hospital
the expert competence of the clinic. At the    logistics.                                            transport companies, aviation rescue
same time, the Emergency Call Centre in        As in any other country in the world, alme-           services etc.
Munich clarifies important general condi-      da can use a correspondent for the region        •	   460 cost control companies
tions through the local correspondents:        of Tibet/ Nepal who is familiar with the         •	   Around 20 years of expertise in medi-
Which is the most suitable hospital? How       local circumstances, speaks the language              cal and technical assistance
can admittance to the hospital be organ-       of the country and has local contacts.           •	   More than 10 years of experience in
ised? How can the guarantee that costs         Soon after the alarm has been raised, the             tele-medical healthcare services
will be assumed be delivered as swiftly as     correspondent sends the first medical            •	   Partner of more than 70 major
possible to the clinic? And, if necessary,     report: The condition of the patient has              customers with around 60 million end
it organises transport back home after a       improved but continuing the journey was               customers
hospital stay.                                 strictly not advisable as medical care in        •	   12,000 medical emergency cases
                                               the higher regions is even poorer than in             abroad and 150,000 handled claims
The following real-life case poignantly        Purang and an evacuation would be even                for Property and Casualty Insurance
illustrates the challenges of handling an      more difficult and expensive.                         products per year
emergency abroad:                              Finally, the decision is made to fly the         •	   ca 1 million incoming calls a year
                                               patient to Kathmandu the next day.               •	   80 percent of all calls are taken within
A case for almeda                              Given the conditions, the transport turns             20 seconds
A 39-year old mountaineer falls ill from       out to be an adventure in itself:                •	   At present, 25,000 chronically ill peo-
mountain sickness on a trek in Tibet close     As there is nowhere to land a helicopter in           ple placed in healthcare programs
to the border of Nepal: high temperature,      the area, bearers have to take the patient       •	   110,000 telephone inquiries in the
difficulty in breathing, nausea and vomit-     to a meeting point on the Chinese-Nepa-               context of demand management per
ing, and beginnings of an oedema develop-      lese border.                                          year
ing in the lung.                               The pilot is, however, well familiar with this   •	   More than 25 languages
He is treated in a hospital in the small       procedure, and the transfer to Kathmandu
village of Purang (at an altitude of 3,000     is swift and uneventful.
metres). Medical care is very basic and the    In the capital of Nepal, the patient is
patient‘s condition very serious.              treated in a clinic specialised in mountain-
Luckily his mobile phone works.                related health conditions.
He is therefore able to contact almeda’s       Only one day later he is able to leave the
Emergency Call Centre and describe his         clinic. An out-patient examination the day
situation. Immediately upon receiving the      after shows that he has recovered well
emergency call, the Call Centre springs into   from the illness.

     Our most important asset.
     The employees of ERV.

     Changes in the market and the accelerating pace of globalisa-
     tion and mechanisation place ever greater demands on the
     quality and motivation of our employees.
     ERV can rely unconditionally on their commitment and whole-
     hearted support in good and in bad times.

10   39
Our new Head Office.
ERV in Munich.

Europäische Reiseversicherung AG
Rosenheimer Str. 116
81669 Munich

                                   Branches:                             Sweden
                                                                         Europeiska Försäkringsaktiebolaget
                                   UK                                    (publ)
                                   ETI-International Travel Protection   Allén 6A / Box 1
                                   First Floor                           17213 Sundbyberg
                                   Albany House                          Sweden
                                   14 Bishopric
                                   Horsham                               Spain
                                   West Sussex, RH12 1QN                 Compañía Europea de Seguros S.A.
                                   UK                                    Avenida de la Vega, 24
                                                                         28108 Alcobendas
                                   Italy                                 Madrid
                                   Europäische                           Spain
                                   Reiseversicherung AG
                                   sede secondaria in Italia             Czech Republic
                                   Corso Venezia, 48                     Evropská Cestovní Pojištovna A.S.
                                   20121 Milan                           Krížíkova 36a
                                   Italy                                 186 00 Prague 8
                                                                         Czech Republic
                                   Europäische                           Representatives / Sales Offices:
                                   Reiseversicherung AG
                                   Oddzial w Polsce                      China
                                   ul. Chmielna 101/102                  ERV China Travel Service and
                                   80-748 Gdansk                         Consulting Ltd.
                                   Poland                                8 / F, Bld. C., East Lake Villas
                                                                         35 Dongzhimenwai Dajie
                                   Portugal                              Dongcheng District,
                                   Europea Seguros de Viagem             Beijing 100027, P.R.China
                                   Av. da Liberdade, 200
                                   1250-147 Lisbon                       Mexiko
                                   Portugal                              ERV Mexico Representative Office
                                                                         c/o Seguros Atlas, S.A.
                                   Subsidiaries:                         Paseo de Tamarindos No.100 PB
                                                                         Colonia Bosques de las Lomas
                                   Denmark                               Deleg. Cuajimalpa
                                   Europæiske                            05120 Mexico DF
                                   Rejseforsikring A/S                   Mexico
                                   Frederiksberg Allé 3
                                   1790 Copenhagen V                     Thailand
                                   Denmark                               ERV Thailand Representative Office
                                                                         c/o Thaivivat Insurance Public Co., Ltd.
                                   France                                71 Dindaeng Road.,
                                   Compagnie Européenne                  Samsen Nai, Phaya Thai
                                   d’Assurances S.A.                     Bangkok 10400
                                   41, Rue des Trois Fontanot            Thailand
                                   92024 Nanterre Cedex
                                   France                                Turkey
                                                                         ERV Sigorta Aracilik Hizmetleri Ltd. Sti.
                                                                         Abdi Ipekçi Cad. No:61 Reasürans Han 2
                                                                         Kat:6 34367 Maçka-Sisli / Istanbul
Europäische Reiseversicherung AG

Rosenheimer Str. 116
81669 Munich
Tel. +49 (0) 89 4166 - 00
Fax +49 (0) 89 4166 -2717

                                   13.01.064 (0310)

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