Belgium faces €2.8 billion of loss due to natural disasters in 2021, shows data

In Belgium, the natural disasters have caused a loss of about €2.8 billion in 2021.

As per the annual report Assuralia, the Professional Association of Insurance Companies, which means that around all of Belgian as well as the foreign insurance organisations working on the Belgian market, the Cost of natural disasters has been increased seven times more than as compared to the previous years.

According to the reports, the data depicts the information that there is a gradual upsurge from €369 million in 2020 as well as €337 million in 2019.

Moreover, in the previous summer, the heavy floods are largely behind the steep increase, which is resulting over 74,000 insurance claims from victims throughout the nation.

The Insurers have already spent over €1 billion on the victims of those devastating disasters, and over 60 per cent of the cases have been administratively closed.

Australia also expects an increase in the number of claims as a result of this year’s recent storms, Eunice and Franklin.

Along with this, in 2021, there were a total of 85,888 flood-related claims as well as the average amounted to around €30,000. The maximum damage from the flood-related claims amounted to more than €2.57 billion.

Before a year, there were around 4,206 cases of flood damage for a maximum value of €16.2 million and an average claim value of €3,856.

In 2019, fewer cases noticed damage caused by flooding, for a total devastating situation of €14.3 million.

The Assuralia chief executive Hein Lannoy mentioned, “2021 is a wake-up call for fire insurance and natural disasters.”

“The world has transformed, and we need to think together with the government about a sustainable solution to continue to cover these risks in the future at an acceptable premium for policyholders. In addition to cushioning the climate risk, there is also a need for a solid pension and strong healthcare. Here too, the insurance sector has an important role to play.”