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The importance of retirement planning: Tips from financial experts for a secure future.
According to a report by RND (Broadcasting and Communications Technology), there are always problems with insurance companies when it comes to paying for damage caused by storms. Household contents and building insurance companies in particular often refuse to reimburse damages in full or put obstacles in the way of the insured in order to delay the claims settlement. Those affected often have to seek legal advice in order to get their rights. Severe weather events have become increasingly frequent in recent years. Heavy rain, hail and storms cause enormous damage to buildings, vehicles and their contents. The increasing number of these claims is leading to an increasing burden on insurance companies. To...
The importance of retirement planning: Tips from financial experts for a secure future.
According to a report by RND (Broadcasting and Communications Technology), there are always problems with insurance companies when it comes to paying for damage caused by storms. Household contents and building insurance companies in particular often refuse to reimburse damages in full or put obstacles in the way of the insured in order to delay the claims settlement. Those affected often have to seek legal advice in order to get their rights.
Severe weather events have become increasingly frequent in recent years. Heavy rain, hail and storms cause enormous damage to buildings, vehicles and their contents. The increasing number of these claims is leading to an increasing burden on insurance companies. In order to reduce costs and maximize profits, insurance companies apparently often try to avoid or reduce payments.
The impact of these practices can be far-reaching. Not only individual consumers are affected, but also entire industries. For example, tradesmen and renovation companies cannot fulfill their orders on time because insurance companies do not pay quickly enough. This in turn can lead to financial bottlenecks for these companies.
Numbers can be used to analyze the effects. According to the General Association of the German Insurance Industry (GDV), insured losses caused by natural disasters amounted to around 5.5 billion euros in 2020. Storm damage alone accounted for 4.5 billion euros of this. These high damage amounts show how important it is to settle claims quickly and completely.
It is to be hoped that insurance companies will rethink their practices and better accommodate policyholders in such cases. This is the only way to increase consumer confidence and minimize the negative impact on the market and the affected industries.
Source: According to a report by RND
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