Natural disasters represented a cost for insurers of nearly 2.8 billion euros in Belgium last year, it emerged on Tuesday from the annual report of the sectoral federation Assuralia. In 2020 and 2019, the loss was around 369 million and 337 million euros respectively.

Severe flooding last summer resulted in more than 74,000 claims for compensation from victims across the country. Insurers have already paid more than a billion euros to the victims of the disaster and more than 60% of cases have been administratively closed.

Assuralia also expects a high number of claims following recent storms Eunice and Franklin.

Over 85,000 flood claims

In 2021, the industry federation assessed a total of 85,888 flood claims. Their average cost amounts to nearly 30,000 euros and the total cost to more than 2.57 billion euros.

A year earlier, there were still 4,206 cases of flood damage, with total and average values ​​of 16.2 million and 3,856 euros. In 2019, there were even fewer: 3,038 flood-related claims, for a total charge of 14.3 million euros.

We must think together with the authorities about a lasting solution to continue to cover these risks in the future.

“2021 must serve as a warning for fire insurance and natural disasters“, met on guard Hein Lannoy, CEO of Assuralia.

“The world has changed and we must think together with the authorities about a sustainable solution to continue to cover these risks in the future, by receiving an acceptable premium for the policyholders. In addition to taking on climate risk, guaranteeing a decent pension and offering extended health care coverage is also a necessity. Here too, the insurance sector has an important role to play.“