With this new information service, the FMA will provide facts and figures on the insurance of buildings and household effects against fire and natural disasters and will demonstrate the great importance of this insurance for the economy and the population, as the FMA writes in the corresponding media release. She is entrusted with various supervisory functions in fire and natural hazards insurance and thus has the necessary data.

Massive devastation in Europe – Liechtenstein spared

Severe storms and heavy precipitation caused massive devastation and cost lives in many European countries in the summer. Luckily Liechtenstein was spared from serious events, it is said. However, due to its topography, Liechtenstein is particularly exposed to the forces of nature. In addition, more frequent extreme events are expected in the future due to climate change. Even fire remains a latent danger despite all preventive measures and causes damage every year.

“Liechtenstein and Switzerland are one of the few countries to have comprehensive insurance protection against fire and natural hazards for buildings and household effects,” said the FMA. “This is also achieved by means of mandatory insurance for buildings and the double solidarity between the insured and the insurance company.”

27.4 billion in assets insured – four times the gross domestic product

Twelve insurance companies in Liechtenstein would insure assets amounting to CHF 27.4 billion against fire and natural hazards, which corresponds to four times the gross domestic product. “This high value also shows the great economic importance of this insurance. It is an important part of the country’s integral risk management, which includes precautionary measures against natural hazards, coping with natural disasters and reconstruction,” as the FMA writes. “Fire and natural events can report damage to an extent that massively exceeds the financial possibilities of private individuals and companies for reconstruction.” At the same time, the insurance company also makes a shorter contribution to financial stability, since it means that mortgages – both in the private and in the commercial sector – are appropriate even in the event of a claim.

Payments of 6.2 million for fire and natural hazards

According to the FMA, storm winds were the most common cause of natural disasters in 2020 with 226 losses in Liechtenstein. In fire insurance, she calls it lightning. Of a total of 124 damage, 26 damage was caused by lightning strikes.

In total, the insurance companies made payments of 5.1 million Swiss francs for fire damage and 1.1 million Swiss francs for natural hazards in 2020. The insured natural hazards include damage caused by natural events such as floods, floods, storms, hail, avalanches, snow pressure, rock falls, rockfalls and landslides.

The brochure on “Fire and natural hazards insurance in Liechtenstein” is updated regularly and is available on the FMA website to disposal.