Keystone-SDA
The insurer Helvetia is forecasting damage costs in the order of several million euros for its Spanish subsidiaries Helvetia Seguros and Caser following the devastating floods in the Iberian Peninsula.
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November 06, 2024 – 2.24pm
(Keystone-ATS) But it is still too early to make more precise estimates.
Last week, heavy rains in southeastern Spain caused devastating damage and left more than 200 people dead. This resulted in significant damage to property, vehicles or in the form of business interruptions, particularly in the region around the city of Valencia. According to initial estimates, the total damage is expected to exceed one billion euros.
A large part of the damage is covered by the public compensation scheme “Consorcio”, Helvetia explained to the AWP agency on Wednesday. The group also emphasizes that it is still very early to make estimates, as much damage has not yet been reported.
Expansion of activity
Helvetia significantly expanded its activities in the Iberian Peninsula around three years ago with the acquisition of the Spanish insurer Caser. In the province of Valencia, the market share of Helvetia Seguros and Caser in non-life business was around 3% at the end of 2023, according to the insurer.
The Zurich Insurance group and the reinsurer Swiss Re have not yet provided information on the amount of damage in Spain. “It is still too early to estimate the damage caused by recent natural disasters,” a Swiss Re spokesperson told AWP.
Analysts at Bank Vontobel estimate that Helvetia will be more affected by the floods in Spain than Zurich Insurance.
Swiss
