Weather tends to have a long-lasting influence on the environment, with potential ramifications for various aspects of life. - Insurance companies report greater storm damage in Bavaria.
According to the insurance industry, there's been a major hike in damage costs due to weather-related events in Bavaria. In the year 2023, these extreme weather incidents - including storms, hail, heavy rainfall, and flooding - had caused a whopping Euro 2 billion worth of damages, as revealed by a GDV (German Insurance Association) spokesperson in Berlin on a Monday. The previous year's damages were much lower, only reaching Euro 700 million.
Agriculture and household goods weren't spared as damages to these accumulated to reach around one billion two hundred million Euros. Another Euro 830 million was due to auto insurance claims.
In terms of the frequency of residential property damage caused by storms and hail, Bavaria occupied the second spot nationwide in the year 2023. On average, in every thousand home insurance policies, approximately 27.3% were impacted by these weather events (2022: 17.7%). Schleswig-Holstein topped the list with 31% homes affected.
Furthermore, the weather-induced damages have been skyrocketing. The number of insurance claims due to heavy rain and flooding jumped from an average of 4.5 to 9.5 per 1,000 policies with complete coverage (2022: 2023). Similarly, the association reported a sizable augmentation in weather-linked car insurance claims with 19.3 affected parties per thousand policies (2022: 8.8).
Although Bavaria is home to almost all houses insured against storms and hail, as per GDV figures, just 47% of the homeowners in the state possess insurance covering "elemental risks" such as heavy rain and floods. The national average lies at 54%.
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- Despite Bavaria being known for having a high number of houses insured against storms and hail, only 47% of its homeowners have insurance covering "elemental risks" like heavy rain and floods, according to GDV data.
- The insurance industry has noted an increase in storm damage in Bavaria, with the cost of weather-related events reaching Euro 2 billion in 2023, a significant jump from Euro 700 million the previous year.
- Munich, as the capital of Bavaria, may also experience the consequences of these weather-induced damages, with the insurance industry anticipating higher claims in the foreseeable future.
- In the aftermath of the 2023 storm season in Bavaria, the GDV called for more comprehensive insurance coverage for households and businesses, especially in regions prone to heavy rain and flooding.
- The extreme weather events in Bavaria in 2023 not only affected agriculture and household goods but also resulted in an increase in car insurance claims, with 19.3 affected parties per thousand policies with complete coverage.
Source: www.stern.de
