High premium growth and losses: horticultural insurance in the balance sheet in 2022

High premium growth and losses: horticultural insurance in the balance sheet in 2022

Horticulture insurance recorded both above-average losses and remarkable premium growth in the 2022 financial year. At the members' representatives meeting in Kamp-Lintfort, the most important developments were presented to the elected members. Premium sales rose by 8.8% to a total of 110.7 million euros gross, with significant growth particularly recorded in other countries such as Italy, Switzerland and in cooperation with Vereinigte Hagelversicherung.

Constantly adapting risk management to climate change remains a challenge, particularly due to high loss rates in Europe. Extreme weather events in countries such as France, Italy and the Netherlands resulted in a gross loss ratio of 69.4%. Despite these hurdles, horticultural insurance coverage is receiving increasing political support, with some states in Germany introducing subsidy programs for multi-peril insurance.

CFO Dr. Dietmar Kohlruss explained that the financial year ended with a significant loss, mainly due to provisions obligations. Nevertheless, commitments to equalization reserves for future years ensure long-term stability. Investments in areas such as IT and services demonstrate a focus on future security and member satisfaction.

The regular elections confirmed supervisory board members and member representatives in office. New representatives such as Philipp Schwab and Inga Balke joined the assembly. Retiring member representatives received praise for their many years of cooperation. Overall, the general meeting reflects Horticultural Insurance's efforts to keep an eye on the members and their service, even in times of extreme weather and financial challenges.