International Insurance Company of Hannover Limited
The International Insurance Company of Hannover Limited is also known as Inter Hannover and is headquartered in London, where it employs around 150 people.
The UK operation is conducted as a wholly owned subsidiary of Hannover Re (from the German, Hannover Rück SE), the 3rd largest reinsurance company in the world, with a gross turnover of some €14 billion. It was founded in 1966 under the German name Aktiengesellschaft für Transport und Rückversicherung (ATR).
Unsurprisingly, Hannover Re's headquarters are in Hannover, but it maintains a global complement of some 2,400 employees on all five continents.
For the year ending December 2013, Hannover Re declared profits in excess of €895 million.
In the UK, Inter Hannover conducts what it describes as:
- agency business (or commission business) - where underwriting authority is transferred to a third party; and
- single risk business (or non-commission business) - where there is no such transfer of authority to a third party.
Included in the company's single risk business are property and engineering insurance policies, where the emphasis is on improving business exposure to risk and preventing loss or damage in the first place.
It has been estimated that the value of property owned by buy to let landlords in Britain alone is currently some £1,250 billion.
With such a fortune already invested in let property in this country, it follows that there is a growing demand for insurance to protect that investment. The insurance in question, of course, is landlord insurance.
Landlord insurance typically comprises a number of elements:
- building insurance - to protect the structure and fabric of the let premises against such major risks as fire, flooding, storm damage, impacts, and vandalism;
- contents insurance - to protect any contents that may be owned by the landlord;
- property owner's liability (also called public liability) insurance - to indemnify the landlord in the event of claims of negligence from tenants or from members of the public;
- employer's liability insurance - if others are employed in the running of the landlord's buy to let business; and
- compensation for loss of rental income - paid in the event of an insured incident and the subsequent loss of usable accommodation for tenants.
Inter Hannover landlord insurance
Taking into account, no doubt, the considerable sum invested in Britain's buy to let sector of the housing market, Inter Hannover claims to have an interest in insuring all types of risks - from small businesses to large corporations. Included in the former may be some of the many thousands of landlords in the UK.
Inter Hannover offers "all risks" insurance against property damage and business interruption (such as loss of rental income) in policies which may prove to be of interest to landlords of a single property or the owners of whole portfolios of such property.