The atmosphere's warming up. - Insurance companies report less weather-related damage in Rhineland-Palatinate.
In the state of Rhineland-Palatinate, the financial impact of storms, hail, flooding, and strong winds has significantly reduced compared to the previous year. According to the Association of the German Insurance Industry (GDV) based in Berlin, the total expenses in 2023 for weather-related incidents amounted to roughly 330 million euros, a decrease of 150 million euros compared to the expenses incurred the year before.
Upon analyzing the data, it was found that 219 million euros were attributed to property insurers, most of which covered damages to homes, household items, commercial and industrial establishments. Additionally, a substantial figure of 109 million euros was allocated for car insurance claims.
In regards to GDV's statistics, 2,200 home insurance policies out of every 10,000 were affected by storm and hail damage in the region, with the national average standing at 18.5 claims frequency. Interestingly, Schleswig-Holstein suffered the most with 31 claims related to storm and hail damage.
Although the majority of houses in Rhineland-Palatinate are covered against storm and hail damage, only 49% of them have been insured against risks induced by heavy rain and flooding. As a nationwide perspective, 54% of all homes are safeguarded against all natural hazards. "Many homeowners are oblivious to their personal risk of natural hazards," the association commented.
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Source: www.stern.de
