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Millions in damage caused by flooding in Lower Saxony - financial expert analyzes insurance costs
According to a report from www.sueddeutsche.de, insurers in Lower Saxony recorded millions in damages from the floods at the end of December and beginning of January. By Monday, the VGH had received 5,660 reports of storm, heavy rain and flood damage relating to extreme weather events between December 21st and January 3rd. The insurance costs to repair this damage are estimated at around 12.3 million euros, but could increase to up to 16.5 million euros. Most damage reports come from the areas of Celle, Verden, the Hanover region, as well as Bremen, Lilienthal and Emsland. The insurer HDI recorded a high three-digit number of claims reports due to...
Millions in damage caused by flooding in Lower Saxony - financial expert analyzes insurance costs
According to a report by www.sueddeutsche.de, insurers in Lower Saxony recorded millions in damages from the floods at the end of December and beginning of January. By Monday, the VGH had received 5,660 reports of storm, heavy rain and flood damage relating to extreme weather events between December 21st and January 3rd. The insurance costs to repair this damage are estimated at around 12.3 million euros, but could increase to up to 16.5 million euros. Most damage reports come from the areas of Celle, Verden, the Hanover region, as well as Bremen, Lilienthal and Emsland. The insurer HDI recorded a high three-digit number of claims reports due to the storm “Zoltan” and a low three-digit number due to the flood.
The flood damage in Lower Saxony is expected to have far-reaching effects on the insurance market and the insurance industry. The damage amount of up to 16.5 million euros means a significant financial outlay for the insurance companies. This could lead to an adjustment in insurance rates to compensate for the costs incurred. This could lead to higher insurance premiums, particularly for policyholders in the affected areas.
The high number of claims reported by the insurers VGH and HDI also shows the urgency of taking measures to reduce risks and take precautions against extreme weather events. It is to be expected that insurance companies will increasingly rely on preventive measures and risk analyzes in order to better protect themselves against such events and reduce potential damage. This may also impact consumers, who may face greater responsibility to minimize damage from extreme weather events.
Overall, it can be assumed that the flood damage in Lower Saxony will have a long-term effect on the insurance market and the insurance industry, which could lead to changes in tariffs, risk reduction and customer responsibility.
Read the source article at www.sueddeutsche.de