The slice of the total economic loss from this event covered by insurance will vary by country. Verisk’s Extreme Event Solutions highlights the relatively high take-up of flood insurance in both Austria and Czechia, but notes that lower flood limits, notably in Austria, may offset this somewhat. In Poland, the majority of commercial risk is covered by insurance, but only a small portion of homes and autos have flood protection.
The damage caused by this event is significant, with the Polish Prime Minister’s office reporting at least 11,500 residential buildings, both single-family homes and multi-unit structures, either flooded or damaged, as of September 19th. On top of this, over 6,000 agricultural and commercial buildings, as well as 700 public-use structures, were damaged or submerged.
During the week of September 22nd, the Czech Insurance Association reported that more than 60,000 claims had been received by Czech insurers so far, with around $850 million (€770m) in insured losses. Interestingly, the association reported that around three-fifths of those claims are related to business insurance.
In Austria, Verisk notes that Vienna was spared major impacts by retention basins designed to protect the city, but the surrounding region of Lower Austria experienced catastrophic impacts, mostly from the River Wien, a tributary of the Danube.
This estimate from Verisk is higher than others that have been reported, with reinsurance broker Guy Carpenter saying last week that insured losses would likely fall in the €1.6 billion to €2.1 billion range, while broking group Aon pegged losses at €1.65 billion.
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Publish date : 2024-10-01 03:16:00
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