FRANKFURT Jan 18 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
(Reporting by Victoria Bryan; Editing by Greg Mahlich)