Helvetia expects millions in losses from Spanish storms
Published: Wednesday, Nov 6th 2024, 12:10
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According to preliminary estimates, Helvetia Insurance is expecting claims costs in the mid single-digit million euro range for its subsidiaries Helvetia Seguros and Caser following the severe weather in Spain. This was announced by the Group at the request of the news agency AWP.
Last week, heavy rainfall caused devastating damage in the east and south of Spain, claiming more than 200 lives. Particularly in the region around the major city of Valencia, major damage was caused to properties, vehicles and in the form of business interruptions. According to initial market estimates, the total damage is likely to exceed the billion euro mark.
Most of the damage is covered by the Spanish public storm insurance solution "Consorcio", Helvetia wrote. The group also emphasized that it is still very early to make estimates, as many losses have not yet been reported or could not yet be reported.
Helvetia significantly expanded its activities on the Iberian Peninsula around three years ago with the acquisition of Spanish insurer Caser. According to Helvetia, the market share of Helvetia Seguros and Caser in the non-life business in the province of Valencia was around 3% at the end of 2023.
Zurich Group unlikely to be affected
The Zurich Group and reinsurer Swiss Re have not yet provided any information on the amount of losses in Spain. It is still too early to estimate the losses caused by the recent natural disasters, a Swiss Re spokeswoman told AWP.
Analysts at Bank Vontobel expect Helvetia to be hit harder than Zurich by the Spanish storm. Zurich only has a low exposure in the property and casualty business in Spain, they said in a commentary on Wednesday.
With regard to Swiss Re, Vontobel analyst Simon Fössmeier expects the storms to boost demand for reinsurance cover and have a positive impact on prices.
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