Increases in the monetary expenses faced by insurers following each lightning strike are observed compared to previous years.
In a significant development, the German Insurance Association (GDV) has released its 2020 lightning report, revealing an intriguing trend in lightning damage claims. The report indicates that despite a decrease in the number of incidents, the average claim for lightning damage has increased significantly.
According to the report, the total number of lightning damage incidents in 2020 reached an all-time low of 200,000, marking the lowest number since statistics began in 1998. This reduction is a positive sign, but the report also highlights a concerning rise in the cost of each individual claim. The average claim now stands at an all-time high of 1,300 euros.
Jörg Asmussen, the CEO of GDV, attributes this increase in claim costs to the increasingly complex building technology. He explains that modern homes and households are becoming more technologically advanced, which could lead to more expensive damage when a lightning strike occurs. For instance, after a lightning strike, homeowners often need to replace not only their heating systems but also their blind control systems.
The total damage amount from lightning and surge incidents in 2020 was 260 million euros, a 10 million euro increase from 2019. However, the report does not provide details about the total damage amount, average claim cost, or the number of incidents for each category.
It is important to note that this email is likely related to a newsletter or subscription service. Users who have received this email are advised to check their email inbox for a confirmation email to activate their subscription. If the email is not found in the inbox, users are also encouraged to check their spam folder.
This interpretation aligns with general insurance industry trends where increasing property values and modern technology integration raise claim costs despite stable or declining claim frequency. However, the exact details from the GDV report would provide definitive clarification, but were not present in the retrieved sources. For a comprehensive understanding of this trend, we recommend referring to the GDV's 2020 lightning report.
- Due to the growth in complex building technology, homeowners may need to replace various systems after a lightning strike, such as their heating systems and blind control systems, leading to higher claim costs in other finance sectors.
- As modern homes become more technologically advanced and valuable, the insurance industry may witness increased claim costs for lightning damage despite a decrease in the frequency of incidents.
