Compulsory insurance against natural hazards: Kretschmann insists on support from the federal government

Compulsory insurance against natural hazards: Kretschmann insists on support from the federal government

According to a report by www.n-tv.de, Prime Minister Winfried Kretschmann was critical of the federal government and reiterated his call for compulsory nationwide insurance against natural hazards. He emphasized the need for such insurance in view of the renewed flood situation and the potentially impending billions in damage. Kretschmann emphasized that flood damage, such as that which occurred in the Ahr Valley, places a heavy burden on public budgets and that it is unfair that property owners have to bear the costs themselves.

A nationwide compulsory insurance against natural hazards would undoubtedly have a significant impact on the insurance market and the real estate industry. The introduction of such insurance could lead to greater demand for such insurance policies and increase the amount of premiums for property owners. This could leave property owners who already have insurance feeling disadvantaged, while others who are not yet insured would be forced to insure themselves. This could lead to greater financial burdens for many property owners.

Furthermore, the introduction of nationwide compulsory insurance would influence the dynamics of the real estate market. Properties in flood-prone areas could become less attractive, which could impact property prices and mortgage financing.

Overall, it can be stated that a nationwide compulsory insurance against natural hazards would bring about significant changes and adjustments in the insurance industry and on the real estate market. It remains to be seen how the federal government will respond to Prime Minister Kretschmann's demands and what concrete measures will be taken to implement such compulsory insurance.