Image: (OÖV)
“Ronson” and “Denis” cost a lot of money: The two storm events in the summer with the unusual names resulted in 7,131 claims for the Oberösterreichische Versicherung. In general, the end of 2023 was a costly and damaging year, as General Director Othmar Nagl said at the balance sheet press conference on Thursday.
Claims payments rose by 14.1 percent to 208.8 million euros this year. In the storm category the increase was 42.3 percent and in the burglary area it was 79.9 percent. The fact that more houses are being broken into again is due to the “back to normality” after Corona.
In all areas, including motor vehicles, “claims inflation” is putting a strain on Upper Austria. Insurance, said Nagl – meaning that repair and material costs have increased significantly.
The premium volume is expected to increase by six percent this year to 531.7 million euros. The core business of Upper Austria. Insurance, the property-casualty area, increased by 7.4 percent to 401.1 million euros. According to Nagl, vehicle comprehensive insurance in particular is doing well with an increase of 8.1 percent. This is mainly because more cars are being leased and leasing companies require insurance. Around two thirds of the premium growth is index-driven because customer payments (as well as their insurance sums) are adjusted for inflation. But the number of contracts has also increased, says Nagl.
Insure photovoltaic systems
The financial result increased; in 2002 there were write-downs on bonds. The important key figure combined ratio (damages/costs in relation to premiums) deteriorated from 88.2 to 93.4 percent. But the goal of staying below 95 percent was achieved, said Nagl. The result from ordinary business activities (EGT) is expected to fall by 2.7 percent to 36.5 million euros.
We have established ourselves as a niche provider of photovoltaic insurance in Germany. “In September we exceeded the limit of ten million euros in inventory volume,” said Nagl. In Austria, the systems are usually integrated into other insurance companies. When it comes to life insurance, Upper Austria records. Insurance reported a “slight upward trend” of 0.1 percent to 100.7 million euros. The situation with building insurance is challenging because of the poor construction economy, but here we are succeeding in the competition.
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