last year saw a substantial rise in insurance claims resulting from natural disasters.
The insurance company GDV initially estimated the damage caused by the end of last year to be roughly 4.9 billion euros, but now it appears that the cost will be even higher. The amount includes insurance claims for homes and their contents, commercial establishments, and vehicles.
An astonishing two billion euros in damages were solely due to hail hitting vehicles, as per the GDV. The average insurance claim for vehicle damage from storms and hail in Germany is currently 4,100 euros - this is the third highest value since 1984 when it reached 4,700 euros, and 2021 with 4,300 euros.
Bavaria suffered the worst with damages exceeding 2 billion euros. Hessen came in second with approximately 890 million euros in damage. There was minimal damage from winter or autumn storms, but heavy weather in August inflicted insured damage of 1.5 billion euros. In June, summer storms left their mark with significant damage as well.
Once again, the topic of mandatory insurance against natural disasters arises with recent instances of storms in Saarland and Rhineland-Palatinate. The Minister Presidents' Conference passed a resolution in early March, imploring the traffic light government to "introduce a nationwide mandatory insurance for natural disasters, which should include flood disasters". However, Justice Minister Marco Buschmann (FDP) opposes compulsory insurance.
The insurance industry has responded saying that a mandatory insurance scheme would be useless - it wouldn't benefit homeowners, states, or municipalities. Rather, they argue that our attention should be focused on "climate-adapted planning, building, and renovating". Jörg Asmussen, the head of the association, urges that "prevention should become an integral part of building regulations". If not, we can sadly expect future floods to lead to billions more in damages.
In January, the GDV proposed a list of requirements for comprehensive protection against natural disasters. It includes demands such as a ban on construction in officially designated flood zones, mandatory assessments of risk linked to climate change and extreme weather events, and avoiding basements in new construction.
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- Despite the substantial insurance claims resulting from natural disasters last year, the insurance company GDV initially estimated the total cost to be around 4.9 billion euros, but the actual cost is expected to exceed this GDV.
- The damages to vehicles, particularly due to hail, accounted for an astonishing 2 billion euros of the total GDV, making it the main contributor to the overall insurance claims in Germany.
- Bavaria was the worst-affected region, with more than 2 billion euros in damages, followed by Hessen with approximately 890 million euros.
- The hail-related damages to vehicles resulted in an average insurance claim of 4,100 euros, making it the third-highest value since 1984, when the highest value was 4,700 euros.
- The insurance industry suggests that a mandatory insurance scheme against natural disasters would not benefit homeowners, states, or municipalities and instead advocates for climate-adapted planning, building, and renovating, with prevention becoming a crucial part of building regulations to avoid future damages.
Source: www.stern.de
