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Huk-Coburg: Losses despite more insured cars
Find out why car insurance is becoming more and more expensive. Huk-Coburg reports high losses and price increases - a look behind the scenes. 🚗 #Car insurance #HukCoburg #Insurance costs
Huk-Coburg: Losses despite more insured cars
Huk-Coburg, as Germany's leading provider of motor vehicle insurance, recorded a loss of 216.3 million euros in this business area last year despite an increase in the number of insured vehicles. This development led to necessary price increases, which also affected existing customers. According to media reports, Huk-Coburg increased vehicle insurance premiums by more than ten percent compared to the previous year. Further increases are also expected in the coming years.
The entire motor insurance industry, including Huk-Coburg, is facing a significant increase in spare parts prices and repair costs - a trend largely driven by rising inflation. This resulted in the industry recording losses totaling over three billion euros in 2023. A further increase in costs is expected, with revenues significantly exceeding expenses for damage and administration.
The current “new loss reality” is reflected, among other things, in a sharp increase in the combined ratio. The rising repair costs result not only from price increases, but above all from increasingly complex vehicle technology. In addition, bottlenecks in the supply of spare parts caused by the corona pandemic and the conflict in Ukraine are affecting repair times. In addition, climate change is driving rising repair costs, particularly due to more frequent and more intense storms.
Despite the challenges associated with the current development of spare parts and workshop prices, insured parties have the opportunity to potentially achieve savings through intensive comparison. Since many motor vehicle insurance contracts run until the end of the year and can be canceled with one month's notice, November 30th of each year is an important deadline for those wanting to switch. A special right of termination may also apply, for example if the contribution increases but the benefits remain unchanged. It is therefore advisable to compare tariffs and, if necessary, talk to your current provider about cheaper options.