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Climate change is making building insurance more expensive: experts estimate premiums will double in the next ten years.
According to a report from www.nrz.de, building insurance will become more expensive in the coming years due to climate change. In 2020, 47 percent of people in North Rhine-Westphalia were insured against natural hazards, but the current information from the General Association of Insurers shows that the figure is now 56 percent. However, only about half of homeowners nationwide have this insurance coverage. After the floods in the Ahr Valley in 2021, there was significantly higher demand for natural hazard insurance. Insurers registered around 400,000 new ESVs for residential buildings in autumn 2021 - four times more than usual in a quarter. However, interest in this insurance increases with...
Climate change is making building insurance more expensive: experts estimate premiums will double in the next ten years.
According to a report from www.nrz.de, building insurance will become more expensive in the coming years due to climate change. In 2020, 47 percent of people in North Rhine-Westphalia were insured against natural hazards, but the current information from the General Association of Insurers shows that the figure is now 56 percent. However, only about half of homeowners nationwide have this insurance coverage.
After the floods in the Ahr Valley in 2021, there was significantly higher demand for natural hazard insurance. Insurers registered around 400,000 new ESVs for residential buildings in autumn 2021 - four times more than usual in a quarter. However, interest in this insurance decreases as the time from the event increases.
Another problem is that some homeowners have still not received all of the money from the insurance company due to material shortages or a lack of craftsman capacity.
The flood disaster in the Ahr Valley in 2021 was the most serious natural disaster in Germany to date, with insurance companies paying out 6.7 billion of the 8.4 billion euros in total damage for property insurance to affected customers. In North Rhine-Westphalia, 4.2 billion euros were paid out for the 124,000 insured losses.
According to the General Association of Insurers, premiums for residential building insurance will double within the next ten years as a result of climate damage alone. This will also affect tenants who pay for insurance coverage through their rent.
Overall, this could mean that building insurance will soon become so expensive that many people will no longer be able to afford the insurance. It is therefore necessary that politicians demand more precaution and consistent implementation of climate impact adaptation in order to minimize the impact on the market and consumers.
Read the source article at www.nrz.de