Storm, hail and heavy rain: Helvetia records high levels of storm damage

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Overall, based on available information, the group expects a net loss burden of approximately 200 million francs for the third quarter of 2023.

Above-average intense natural disaster events were recorded in Helvetia in the second half of 2023, according to a statement on Wednesday. Storms, hail and heavy rain caused serious damage in Switzerland, Germany and Italy.

At the beginning of July 2023, a major fire also broke out at an industrial facility in Vetroz/VS; Helvetia had estimated net damage costs in the low double-digit million in its semi-annual report. Overall, the amount of damage from natural and major loss events in the third quarter alone was approximately one and a half times greater than in the entire year 2022, according to Helvetia.

However, the insurer emphasizes that its capital position remains strong. It is estimated that the SST rate will be around 300 percent by the end of September. Helvetia also wants to stick to its “tried and tested dividend policy” and confirms its target of paying dividends of more than 1.65 billion francs for the 2021-2025 financial years.

(SDA)

Source :Blick