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Swiss flood damage could cost half a billion francs

© Angela Schmidt | Dreamstime.com

Switzerland’s four largest buildings insurers estimate the costs of recent weather events could reach half a billion francs across Switzerland, reported RTS.

According to Grégoire Deiss, who works for the cantonal buildings insurer ECAB in Fribourg, the cost of recent storms and flooding could be around CHF 500 million across all of Switzerland, a figure he based on claims that have been made so far.

However, the final bill remains uncertain. More claims will come because some people were away on holiday. In addition, some damage will be discovered later, he said.

Deiss also pointed out that the cost of claims against private insurance will need to be added to this figure. In Switzerland, basic buildings insurance is compulsory and is provided by public interest entities at the cantonal level. It is possible for building owners to add private insurance on top of this compulsory buildings insurance.

According to Alfred Egg, a claims expert at AXA insurance, no increase in insurance premiums is expected at this stage. However, it is too early to reach any firm conclusions. Typically, the worst month for storm damage in Switzerland is August, which accounts for roughly 50% of annual claims.

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About Le News
Le News
The newspaper Le News is a free, quality, local English language newspaper launched on 31 October 2013. Le News fills a gap in local Swiss media for the numerous English-speakers living and visiting Switzerland. In late January 2015 we decided to put our print medium on hold and focus on our digital media presence.
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