Why Signal-Iduna is moving away from Dam Gate
The insurance group is moving its headquarters to City North for a few years, which is what it intends to do with the downtown property.
Hamburg. The approximately 1,800 employees of the Signal-Iduna Insurance Groupwhose desk has so far been in the headquarters near the dam gate unemployed, they will take a different route to work in the second half of the year, as long as they do not continue to work mainly in the fall home Office they are active. “We are going to clear the site in the second half of the year, at the end of the year they will start there demolition work‘, Signal Iduna CEO Ulrich Leitermann announced on Tuesday.
The employees will then move to three new buildings at the Kapstadtring for a few years, which the company is currently building for 150 million euros. They will only return to the Dammtor in four or five years. “We are completely remodeling the neighborhood between Neue Rabenstrasse and Warburgstrasse,” Leitermann announced. A total of six office and retail buildings are under construction, with the insurance company using about 20 percent of the space itself. The company is investing “up to 400 million euros,” he said.
Insurance Hamburg: Signal-Iduna moves from the Dammtor to the Kapstadtring
When the head of insurance presented the project for the first time a year ago, he had estimated the amount of investment at 300 million euros. “That was a rough first estimate. It will probably be at least 350 million euros. It is not yet possible to estimate exactly how intensively the property can be developed, because we are still in talks with the city,” Leitermann said.
One thing is clear: not every employee who used to go to the office regularly will have their own desk there in the future. Following the experiences of working from home during the pandemic, which currently still affects 85 percent of the workforce, the insurance company is also expanding mobile working and introducing desktop sharing at the same time. “We will enable two to three days of home office a week,” Leitermann announced.
Signal-Iduna: Will you also work on Saturdays in the future?
The new Dammtor building is planned with a desk sharing rate of 60 percent: there are six desks for every ten employees. This also applies to the alternate location in City North. “We originally planned for an 80 percent quota there, but we reduced it to 60,” Leitermann said. He would like to go a step further with more flexible hours: “There are employees who would like to work on Saturdays and have free time on another day of the week. We would like to make that possible,” said the CEO. Whether this can be implemented internally is an open question.
Signal-Iduna has developed better than the market in terms of premium income, Leitermann said in an initial assessment of business development last year. Quotes have grown by 3.2 percent, the market has increased by 1.1 percent. The amount of damage covered by Signal-Iduna after the summer storm catastrophe was estimated by Leitermann at around €240 million across 6,000 claims. “The processing will probably take another two or three years.”
Updated: Tue., 02/15/2022, 18:00
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