Monetary 12 months 2023 Affect: Braunschweig Public Insurance coverage Pays Document Claims Amid Armed Battle, Inflation, and Excessive Climate Occasions

“The monetary yr 2023 put plenty of demand on our area in some ways – all of us clearly felt the influence of the armed battle, inflation, and many people additionally the heavy rain in June and the floods in December,” summarizes Marc Knackstedt, Chairman of the Braunschweig Public Insurance coverage Board for the previous monetary yr.

For the group’s property insurance coverage, the yr subsequently ended with greater declare funds. The insurer paid 236 million euros, nearly 25 % greater than in 2022 and greater than ever within the historical past of the insurance coverage firm.

Along with the 2 excessive climate circumstances, considerably greater prices for supplies, workshops and repair suppliers contributed to the sharp improve. This was significantly evident within the automotive sector. Motor insurance coverage accounted for greater than half of declare funds: 124 million euros, 30 % greater than the earlier yr. Residential property insurance coverage was the most important value driver within the different property strains. Right here, software prices rose by 9 % to just about 63 million euros.

Deposits have been an essential lifeline for the insurance coverage firm. It had a web return of three % (after 1.5 % within the earlier yr). The outcome earlier than the applying of earnings and taxes elevated to nearly 17 million euros. Fairness and capital funding reserves additionally elevated. Which means the general public can also be nicely positioned for future excessive climate occasions.

In complete, the Braunschweig Public Insurance coverage Group, together with the life insurance coverage division, achieved earnings after taxes of a very good 31 million euros. Nearly 25 million euros of this movement will go immediately again to clients as a part of a revenue share.