Many citizens consider state aid following an extreme weather event to be a given. Trust in the state is one of the reasons why less than 44 percent of German homeowners still do not have natural hazards insurance.
The state is not an insurer
In politics, however, the tide is starting to turn against this idea. Back in 2011, the German Federal State of Saxony took the decision to end the provision of state aid to pay for flood damage, as insurance can be taken out against this risk. On 1 July 2019, Bavaria followed suit and withdrew all future emergency aid for damage resulting from natural hazards.
So it's about time that homeowners make sure they are covered; whether they take out a standard insurance policy against damage from natural hazards or decide to purchase a modular product – such as one that only insures against heavy rain events. Alternatively, they might opt for a completely new, innovative product.
The same applies to home contents insurance: Insurers do not pay out for "ordinary" building and home contents insurance in the event of flooding or heavy rain.
Swiss Re is an innovative partner in the development of new natural hazards solutions
As a strategic partner, we help our customers utilise new products to ensure sustainable growth and to present themselves on the market as a provider of innovative solutions.
Our promise: We do not offer standard solutions. Instead, we use our expertise and product development resources and work together with our customers to create solutions that place the end consumer centre stage. From brainstorming and prototyping all the way through to product launch.