As a consequence of climate changes the bill rises with the increasing number of natural disasters. This happens within intervals becoming shorter and shorter.The was the latest tempest "Kyrill" which hit the north of Europe during January. According to Munich Re, number two in the business of reassurance worldwide, it will cost between 5 and 7 billion €.
Initially estimated € 1 billion to the German Federation of Insurance doubled the evaluation of the damages caused by "Kyrill" in Germany. Now it is expected to be 2 million. This turns Germany to be the country having the highest damage caused by this tempest.
The acceleration of the rhythm of natural disasters burdens the financial budget of the insurance companies. The French insurance SCOR estimated the negative impact on the accounts (before taxes) between 25 and 30 million €. "The damages caused by Kyrill can be characterized by being generally of a small impact, which are mostly calling on the insurance of private clients and business risk," states the group.
Munich Re takes into account that this storm will have a negative impact of 600 million euro up on its accounts (before taxes).
Hence, the option is not excluded that insurance premiums will be raised and that the conditions for insurance contracts will be hardened in Germany. This is even more possible as the EQECAT, provider services for managing natural and manmade risks based in California, thinks that a storm of this degree is statistically likely to recur every seven to ten years in Europe.
In the USA some of the big American insurance companies just as State Farm and Allstate decided to refuse all new contracts for several areas on the Atlantic Cost; they are afraid that a hurricane will destroy the area.
This statement refers to the great fear expressed by the president of the British insurance group Lloyd's who stated his apprehension concerning the new natural disasters due to climate changes. Peter Levene urged the governments and the companies to act right away to alleviate these risks because "today the assurances are likely to have to handle a mega-cataclysm of 100 billion dollars, two times worse than Katrina" he says. It has to be added that Lloyd's had to pay 8 billion dollars for Katrina which impacted on in New Orleans. August 2005.
Initially estimated € 1 billion to the German Federation of Insurance doubled the evaluation of the damages caused by "Kyrill" in Germany. Now it is expected to be 2 million. This turns Germany to be the country having the highest damage caused by this tempest.
The acceleration of the rhythm of natural disasters burdens the financial budget of the insurance companies. The French insurance SCOR estimated the negative impact on the accounts (before taxes) between 25 and 30 million €. "The damages caused by Kyrill can be characterized by being generally of a small impact, which are mostly calling on the insurance of private clients and business risk," states the group.
Munich Re takes into account that this storm will have a negative impact of 600 million euro up on its accounts (before taxes).
Hence, the option is not excluded that insurance premiums will be raised and that the conditions for insurance contracts will be hardened in Germany. This is even more possible as the EQECAT, provider services for managing natural and manmade risks based in California, thinks that a storm of this degree is statistically likely to recur every seven to ten years in Europe.
In the USA some of the big American insurance companies just as State Farm and Allstate decided to refuse all new contracts for several areas on the Atlantic Cost; they are afraid that a hurricane will destroy the area.
This statement refers to the great fear expressed by the president of the British insurance group Lloyd's who stated his apprehension concerning the new natural disasters due to climate changes. Peter Levene urged the governments and the companies to act right away to alleviate these risks because "today the assurances are likely to have to handle a mega-cataclysm of 100 billion dollars, two times worse than Katrina" he says. It has to be added that Lloyd's had to pay 8 billion dollars for Katrina which impacted on in New Orleans. August 2005.
posted by news of france at
8:28 AM
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