Helvetia affected by high storm damage in the third quarter
Published: Wednesday, Nov 22nd 2023, 07:50
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Since July, the insurer Helvetia has been affected by an accumulation of intense storms as well as a major fire. This has led to exceptionally high claims expenses in the third quarter. Overall, the Group expects a net claims burden of around CHF 200 million for the third quarter of 2023 based on current knowledge.
In the second half of 2023, Helvetia registered an above-average number of intensive natural hazard events, according to a press release issued on Wednesday. Storms, hailstorms and heavy rainfall in Switzerland, Germany and Italy led to considerable damage.
In addition, there was a major fire in an industrial building in Vetroz/VS at the beginning of July 2023, for which Helvetia had already estimated the net claims expenditure in the low double-digit million range in the half-year report. Overall, the claims amount from natural and major loss events in the third quarter alone was therefore around one and a half times higher than in the whole of 2022, according to Helvetia.
However, the capital position remains strong, the insurer emphasizes. The SST ratio is estimated at around 300 percent at the end of September. Helvetia also intends to maintain its "proven dividend policy" and confirms its target of distributing more than CHF 1.65 billion in dividends for the financial years 2021 to 2025.
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