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CCR - Financial Report 2023

04/11/2024

In 2023 CCR achieved strong financial results and continued to grow.

Les faits marquants et résultats :

With current claims amounting to €1,029 million, the amount of claims occurring in 2023 exceeds the premiums received (1) for the Cat Nat regime.

The year was marked by several significant events: the earthquake in La Laigne, flooding in Hauts-de-France, and a drought less severe than in 2022 but still significant for the territory. Additionally, the settlement of prior years added an extra €342 million in claims, mainly due to the 2022 drought, whose cost was re-evaluated from €2.9 billion to €3.5 billion for the market (to primarily account for the higher than expected number of requesting municipalities at the end of 2022). The total claims for the year therefore amounted to €1.371 billion.

For the 7th year since 2016, CCR had to dip into its reserves and also had to fully utilize the €272 million from the equalization provision for Natural Disasters available at the start of the year to cope with this exceptional level of claims. This development fully justifies the decision published on December 28 last year to increase the surcharge from 12% to 20% (decree of December 22, 2023) so that CCR can begin to rebuild reserves effective January 1, 2025.

CCR's technical result for 2023 is -€80 million (-€112 million for Natural Disasters and +€32 million for other state-guaranteed reinsurance). In 2024, CCR can handle claims of up to €1.8 billion on its own and could face up to €3.5 billion in market-level claims without calling on the state guarantee. The probability of calling on the state for a guarantee in 2024 is estimated at about 15%.

On July 3, 2023, CCR sold the majority of CCR Re's capital to a consortium formed by the SMABTP and MACSF groups, and is now a shareholder with approximately 25%. The capital gain realized from this sale allowed for the acceleration of the financial asset turnover, and reinvestment in a portfolio of equivalent quality but with higher returns. As a result, CCR's financial results significantly increased in 2023 (€182 million, up €85 million from 2022), with effects that will amplify in 2024. CCR's assets amount to €9.9 billion in market value, including €931 million in unrealized gains.
CCR's revenue reached €1.228 billion in 2023, up 13.8% from 2022. It is distributed among 93.3% for the Cat Nat activity, 6.5% for terrorism risk, and 0.2% for exceptional risks. The net result stands at €101 million.

(1) Net earned premiums after retrocession

"In 2023, CCR continues to deal with the claims related to climate change, which are exacerbated by situational inflation. This situation, prevailing since 2016, justifies the government's decision to increase the surcharge for the Cat Nat regime at the end of the year.

In 2023, CCR also completed the divestiture of CCR Re with a capital gain that provided it with financial leeway. Finally, 2023 was marked by the establishment of new management under the leadership of Edouard Vieillefond to manage CCR, now focused on its public sector activities", Jacques Le Pape, Chairman of CCR.

"It is an honor to lead CCR, whose mission is to protect our citizens against natural disasters by enabling them to receive compensation at an affordable price. 2023 has confirmed a trend we have been observing for several years: climate change is a reality and increasingly impacts our ability to build reserves.

The increase in the Cat Nat surcharge from 12% to 20% announced at the end of last December is very good news, which we had eagerly anticipated. However, we know that other measures to strengthen prevention and funding are needed to cope with the future effects of climate change.

The sale of the majority of CCR Re's capital in 2023 allowed us to focus on the two pillars of our strategic plan 'Horizon 2025': public reinsurance and our advisory mission. CCR will continue its efforts in prevention and contribute to preserving insurability for all. These are long-term initiatives whose effects will be seen over several years. We must also, in our role as sentinels, be agile and ready to face other risks of anthropogenic or technological nature." Edouard Vieillefond, Chief Executive Officer of CCR.

Press release in PDF (FR)

Financial Report in PDF (EN)

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Contact :
Rose-Marie Tunier - 06 77 26 31 65 - rtunier@ccr.fr

Financial Report 2023

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