Financial expert warns of high damage to buildings if vending machines are blown up - successes in the fight against gangs in Lower Saxony.

Financial expert warns of high damage to buildings if vending machines are blown up - successes in the fight against gangs in Lower Saxony.

According to a report by www.haz.de, the damage to buildings caused by ATM blasts is much greater than the cash stolen. According to the General Association of the German Insurance Industry, damage amounting to around 110 million euros was incurred last year, with only 30 million euros being stolen cash. The police registered almost 500 attacks on ATMs nationwide in 2022.

The increase in ATM blasts has several implications for the market and insurance industry. On the one hand, the increased losses lead to higher costs for insurance companies, which could ultimately increase premiums for business and building insurance. This could result in businesses and building owners having to bear higher insurance costs, which would increase their operating costs.

Furthermore, the ATM explosions could affect consumer confidence in the security of ATMs and financial institutions. This could lead to consumers increasingly considering alternative payment methods and withdrawing less cash, which in turn could impact the amount of cash in circulation in the economy.

Overall, the increase in ATM blasts will likely result in higher costs for the insurance industry and potentially influence consumer behavior. ATM prevention and security measures could therefore be crucial to mitigating these impacts.