Risks - R+V boss: Climate change could make insurance unaffordable
According to the insurance industry, climate change could make building insurance unaffordable in some cases. "We are gradually heading towards the uninsurability of risks," warned R+V CEO Norbert Rollinger, who is also President of the German Insurance Association (GDV), in an interview with the VRM media group (Saturday).
Rollinger repeated earlier statements according to which insurance cover in the building sector will practically no longer be possible at three or four degrees of global warming: "Then insurance will become so unpredictable and so expensive that we will no longer be able to make an economically viable offer."
The Paris Climate Agreement of 2015 sets out the goal of stopping global warming at 1.5 degrees if possible and thus preventing the worst consequences of climate change. Scientists warn that every tenth of a degree more warming would have even more catastrophic consequences in the form of even more extreme weather events.
"Thousands of houses are still being built in flood zones. This must be stopped," demanded Rollinger. "Insurance premiums will double in the next few years if there is no climate impact adaptation," said the R+V CEO in an interview with VRM("Allgemeine Zeitung Mainz", "Wiesbadener Kurier", "Darmstädter Echo").
R+V on the 2022 balance sheet R+V annual reports GDV on damage caused by extreme weather in 2023 GDV on homeowners' insurance and climate change 14.6.2023
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The German Insurance Association (GDV), led by President Norbert Rollinger and R+V CEO, has expressed concern about the affordability of building insurance due to climate change. Rollinger warned that global warming beyond 1.5 degrees could make insurance coverage in the building sector impractical due to its unpredictability and high costs. He also emphasized the need to halt the construction of houses in flood zones to prevent further climate-related damage and increasing insurance premiums. The CEO made these remarks during an interview with VRM media group.
Source: www.stern.de
