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Severe weather is getting more expensive for insurers
The damage caused by weather extremes is already very expensive this year. The German Fornicators' Association (GDV) estimates that damage from storms, hail and showers has already risen to €1,7 billion through June. That does not include the damage of the past few days.
This year seems to be developing into one of the most expensive years for German insurers since 2013. The insurers cannot yet say anything about the extent of the damage caused by the rain and flooding of the past few days, except that the reports are pouring in. What is still a problem is insurance coverage. Storm and hail damage is covered in most policies, but according to GDV less than half of the homes are insured against flooding or flooding.
Not only the weather plays a role
The fact that the damage is so high is not only due to nature, although the insurers have seen an increase in the number of incidents with (local) heavy hail or rain showers in the past 10 years. Socio-economic factors play at least as important a role. For example, think of machines and installation becoming more expensive and the increased value of real estate. Incidentally, this does not only happen in Germany. Switzerland and Austria also have to deal with severe weather above average this year.
Jurphaas Lugtenburg
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