Despite the flood damage in the summer, the insurance company Talanx is optimistic about the annual financial statements.
Even higher goals are set for the coming year.
Hanover - The insurance group Talanx (HDI) is becoming more optimistic despite the high damage caused by the flood disaster in Europe.
The surplus is likely to reach the upper end of the previous target range of 900 million to 950 million euros this year, announced the MDax-listed company on Monday. Next year, CEO Torsten Leue wants to go higher: He is aiming for a net profit of 1.05 billion to 1.15 billion euros for 2022.
In the third quarter, the group felt the flood disaster as a result of low “Bernd” in Germany and in neighboring countries.
The surplus fell compared to the same period last year by nine percent to 177 million euros.
Talanx and its subsidiary Hannover Re paid their customers for damage totaling more than one billion euros for the flood disaster.
The Talanx Group is strongly represented with its HDI brand in the areas hardest hit by the flood in Rhineland-Palatinate and North Rhine-Westphalia - also because it acquired many customers in the region 15 years ago with the purchase of its former Cologne rival Gerling .
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However, Talanx and Hannover Re had reinsured a large part of the risks with other companies around the world, as CFO Jan Wicke explained.
In addition, they had passed risks on to investors in the capital market with the help of catastrophe bonds.
As a result, the flood disaster hit the group with only 321 million euros net, of which 214 million euros at Hannover Re.
Effects of low “Bernd” on premiums
The average insurance damage caused by low “Bernd” exceeded all expectations, said Wicke. The floods tore away houses and bridges, and many people were killed. Those who live in such endangered regions and want to insure themselves against natural hazards such as floods must expect a significant increase in premiums, said Wicke. The manager criticized parts of the reconstruction. Building permits are also issued for areas for which further heavy rain events are to be expected.
The insurance industry wants to make protection against natural hazards standard in building insurance.
Customers would then have to actively deselect this contract module.
However, a legal regulation is required for this.
At the same time, the industry association GDV is calling for the public sector to change direction, for example through clear construction bans in flood-prone areas.
dpa
