Insurance against weather-related damage could soon cost 25% more

Insurance premiums for weather-related damage such as flooding could increase by 20 to 25 percent over the next 15 to 20 years if it fails to counteract the temperature rise, Jos Baeten, chairman of the board of ASR, said during an explanation of the half-year figures.

"If we don't manage to turn around the negative impact on the climate, the prices of non-life insurance will go up enormously. And then there may come a time when it is no longer affordable for many people. That won't be the case in a few years, but I think we're going to experience it," Baeten said.

He emphasized that slowing down the temperature rise should be a joint effort. "You cannot say unilaterally: this is what we are going to do, this is how we will do it and these are the consequences. You really have to discuss this with each other. That is being done a bit now," said the chairman of the board.

The cost item from the three storms at the beginning of this year amounted to 38 million euros. As a result, the insurance group's operating profit fell slightly in the first half of the year to 513 million euros. In the same period a year earlier, the profit amounted to 532 million euros. "Last year we had a record year, when we had the highest profit ever and we are now slightly below that at 3.5 percent," Baeten said.

He is pleased with the results. "If you look at the economic turbulence, the war in Ukraine, rising interest rates, inflation, the huge storms we've had, we've just had a very good first half year," said the CEO. According to him, the financial results are strong across the board.

Baeten looks to the second half of this year with confidence. "Despite the fact that the country seems to be in an economic malaise, we remain positive about the whole year."