HDI Global’s Australian business contributed significantly to a positive overall result at its German-based parent Talanx Group last year, Head of HDI Global Asia Pacific and MD HDI Global Australia Stefan Feldmann says.

He says last year was “another successful year” for the Australian branch, commending the "wonderful work the team in Australia has done in building our brand”.

“While our combined ratio was impacted by the unprecedented flooding in Queensland and northern NSW and other weather events, most importantly we were there for our clients when they needed it,” Mr Feldmann said.

“Despite these headwinds, with strong premium growth and disciplined underwriting, 2022 was still a profitable year for us.”

HDI Global’s gross written premium (GWP) rose 18% to €8.9 billion ($14.42 billion) last year while its combined ratio improved 3 percentage points on a drop in frequency losses, despite costly natural catastrophes and inflation.

The company recently strengthened its Australian offering with a motor fleet product. Australia MD Mark Fleiser says the company plans to develop single-project professional indemnity and political & credit risk business this year.

High large-loss claims due to floods in Australia, and Hurricanes Ian and Fiona, impacted the business by €270 million ($437.46 million), while reserves for losses in relation to Russia’s war against Ukraine totalled €36 million ($58.33 million).