SERV is publishing its Annual Report 2020, after it was approved by the Federal Council today. From now on, the report will only be available as an online version and will no longer be published in print. The PDFs are available in the Download Centre.
SERV’s earned premiums reached a record level of CHF 89.8 million in 2020. However, due to high loss expenses of CHF 167.9 million, it recorded negative net income of CHF 81.5 million. In addition to many smaller and medium-sized losses, the high loss expenses were due to a large claim in Zambia. SERV thus posted a loss for the second time in its history.
The company also experienced a decline in demand, which reflects the huge slump in the Swiss export industry as a result of the COVID-19 pandemic. Nevertheless, SERV continues to have a solid capital base and “has demonstrated that it fulfils its mandate even in challenging times and supports exporters during the crisis,” said Barbara Hayoz, Chair of SERV’s Board of Directors.
The Federal Council has also changed SERV’s framework of obligation. Find out more here (in German).
We would like to thank you for your confidence in us in 2020, and we look forward to continuing our good relationship.