"Around 30,000 of our customers were affected by severe weather conditions (including storms, hail and flooding) in June of this year, with many suffering both material damage and considerable mental distress. Our employees and partners have done everything - and continue to do everything - within their powers to help our policyholders get back on track. As an insurer founded as a cooperative organisation, we believe it is important to be there for our customers when they need us - that is why our organisation was established in the first place. After making a careful estimate of the damage suffered by all our customers, a large part of our customers have received the support they needed. We are aware, however, that there is a great deal of work left to be done, and are currently working hard on this together with our employees and partners.
The damage caused to vehicles, homes, agricultural businesses added up to EUR 267 million. We hedged more than half of this claim amount through reinsurance for reasons of prudence. The remaining claims burden has significantly reduced our earnings. In addition, health insurance expenditure increased more than previously estimated as a result of higher expenses on medications and less compensation from equalisation. As a result, Achmea incurred a net loss of EUR 24 million during the first six months of 2016, despite positive effects due to cost reductions and higher investment returns in Pension & Life".
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Achmea Interim Results 2016