FRANKFURT: German insurer Talanx expects car insurance premiums to rise this year, after summer hail storms hit results in 2013, its chief executive told a newspaper.
"The damages claims were especially strong in 2013. Thousands of cars were damaged by hail," Herbert Haas was quoted as saying by Welt am Sonntag in an advance copy of an article to be published on Sunday.
Car insurance is one of the biggest insurance markets in Germany. Market leader HUK-Coburg said this week that it had increased prices only slightly for new customers.
Hass reiterated that Talanx expected to report a net profit of around 700 million euros for last year. The company had said in November that it was cautiously optimistic of reaching the target after it posted lower than expected results due to claims from the storms.
"We are confident that we will be able to increase our net profit for the financial year to around 700 million euros ($949 million)," Haas told the paper.
Haas also said Talanx would look to make acquisitions to strengthen its position in foreign markets. He mentioned Turkey and Mexico as countries where he saw potential for Talanx to grow.
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