According to the Insurance Association (VVO), damages worth up to 600 to 700 million euros are expected. In extreme cases, the billion mark could even be reached, the association announced on Friday. The main aim is now to ensure “quick and unbureaucratic claims settlement”.
Photo gallery: Massive damage after flood disaster in Lower Austria
(Photo: HELMUT FOHRINGER (APA)) Bild 1/25
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“The insurers are working hard to quickly assess the extent of the damage and to settle the claims in a non-bureaucratic manner in the interests of the customer,” said VVO President Rémi Vrignaud. Figures from individual insurers have already suggested the extent of the damage. A few days ago, Wiener Städtische expected damage of up to 100 million euros. Niederösterreichische Versicherung is also expecting record damage of 80 to 100 million euros. Lower Austria has suffered the most from the storms in Austria.
The other large insurers have so far been reticent to give specific figures. Generali is expecting a “higher double-digit million amount”. Wüstenrot, however, is assuming a damage volume of “at least 10 million euros”. For UNIQA, damage estimates are currently too early.
Belgian model
The association stressed again on Friday that, in addition to prevention, political steps are also needed for such natural events. “The Austrian insurance industry proposes that natural disaster risks be inseparably linked to fire insurance (Belgian model),” writes the VVO. Such a solution would – on a voluntary basis – ensure a legal right to compensation. “By expanding the solidarity community, the insurance industry would be able to offer the necessary higher levels of coverage while at the same time charging socially acceptable premiums,” Vrginaud continued.
