The severe storms that swept across Switzerland in August caused insured losses of around CHF 1.335 billion, according to a recent Swiss Insurance Association (SIA) projection. To date, private insurers have received some 36000 claims.
Zurich, 27 September 2005 – The floods that devastated large swathes of Switzerland between 20 and 24 August 2005 caused more damage than was initially expected. According to a second SIA estimate, private insurers will have to pay approximately CHF 1.335 billion in claims. This figure does not include building damage, which is covered by the cantonal fire insurers, or infrastructural damage (roads, railways, farmland).
Household contents and other contents: CHF 700 million (21 783 claims)
Buildings: CHF 250 million (4 483 claims)
Business interruption: CHF 200 million (2 150 claims)
Motor own damage: CHF 90 million (6 000 claims)
Other property damage: CHF 95 million (2 100 claims)
One week after the storms, private insurers had predicted losses would reach CHF 805 million. However subsequent assessments and the continuous stream of claims have revealed that the storms were far more destructive than was first thought. The insurers’ main priority now is to process claims and pay out benefits as rapidly and efficiently as possible.
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.