Natural disasters could force insurer Uniqa to alter products, CEO says

UNIQA Insurance AG

05/09/2024 14:35

Sept 5 (Reuters) - Austria's second largest insurer
Uniqa  UNIQ.VI  might have to stop insuring certain regions, CEO
Andreas Brandstetter told Reuters on Thursday, as it faces
rising pay outs thanks to extreme weather events.
    "We have to think carefully about which products we offer
where and at what price", Brandstetter said without going into
further detail.
    "We expect extreme weather events to increasingly weigh on
our results in the coming years", he added.
    In Austria, such events now caused a billion euros ($1.11
billion) worth of damage a year, up from 400 million twenty
years ago, according to the CEO.
    Uniqa paid out over 180 million euros as a result of extreme
weather events last year, the third-highest figure in its
history.
    The firm can also expect 20 million customers in the future,
up from 17 million now, by targeting expansion in eastern
Europe, Brandstetter said, adding that Uniqa would further
invest a "three-digit million euro sum" in the healthcare sector
over the next five years.
    It has already acquired a Polish telemedicine provider and
was also investing in elderly care, Brandstetter said. 
     
($1 = 0.9004 euros)

 (Reporting by Alexandra Schwarz-Goerlich, writing by Louis van
Boxel-Woolf, editing by Rachel More)
 ((Alexandra.Schwarz-Goerlich@thomsonreuters.com))