Flood losses of over CHF 800 million
Last week's floods caused unparalleled damage in many regions of Switzerland. To date, some 23 000 claims have been lodged with private insurers, and the total loss amount is expected to exceed CHF 800 million. The Swiss population is well insured against natural catastrophes, and most of the property damage is covered.
Zurich, 31 August 2005 – The floods that occurred in large sections of Switzerland between 20 and 24 August 2005 produced more damage than all the major natural disasters of 1999 together: the devastating avalanches in spring, the summer floods and the winter storms Lothar and Martin. According to estimates of Swiss Insurance Association (SIA), private insurance claims will come in at around CHF 805 million. However, the damage is still being assessed, and the final bill could be higher still.
Loss figures at a glance
Household contents and other contents: CHF 400 million (13 320 claims)
Building: CHF 160 million (2 500 claims)
Business interruption: CHF 125 million (1 075 claims)
Motor own damage: CHF 75 million (4 800 claims)
Other property damage: CHF 45 million (1 300 claims)
The Ordinance Pertaining to Natural-Loss Insurance limits private insurers' losses to a maximum of CHF 250 million for buildings and CHF 250 million for household contents and other contents. With this per-event limit, legislators aim to protect insurance companies against insolvency. In the case of household and other contents (contents of commercial enterprises) the limit of CHF 250 million has already been exceeded. However, in view of the damage thus far in 2005, the private insurance companies participating in the Swiss Natural Perils Pool have decided not to invoke this limit, but to compensate insureds in full.
At the press conference held today, the chairman of the Swiss Insurance Association Albert Lauper expressed the private insurance industry's deep concern for the suffering caused by this natural catastrophe in many parts of Switzerland. Still, compared with other countries, the Swiss were well insured against natural catastrophes, he said. Damage from natural perils such as flooding and inundations, storms, hail, avalanches, etc is, after all, included in fire insurance cover for buildings, household contents and other contents (commercial enterprises). The Swiss Natural Perils Pool was set up by private insurers in order to spread the burden of natural perils risks of this kind. Thanks to the Pool, cover for natural perils can be made available to policyholders for an affordable flat premium.
Private insurers cover buildings in the cantons of Obwalden, Uri, Schwyz, Appenzell Innerrhoden, Geneva, Ticino and Valais as well as household and other contents in all cantons with the exception of Vaud and Nidwalden. The damage estimates for the current catastrophe include neither building damage covered by cantonal fire insurance institutions, nor damage to infrastructure (such as roads and railway lines) and the countryside.
On behalf of the private insurance industry Albert Lauper thanked all those involved in helping save lives, evacuate areas at threat and minimise damage for their speed, efficiency and dedication.
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