👉 "In Baden-Württemberg, given the #flood #insurance take-up rate is as high as 94 percent, most of the residential losses will be covered. Unfortunately, this high level of coverage is not the case in Bavaria where the flood insurance take-up rate is 47 percent." Daniel Bernet comments in the Daily Mail on the recent floods in central Europe, their impact on the southern states of Germany, and levels of flood insurance coverage in these states. 🗞 Read the Daily Mail article here: https://lnkd.in/ehaTuwTX Read the full Moody's RMS Event Response media announcement here: https://lnkd.in/ei3XANjS #europe #floods #germany #insurance #insurancenews #riskmanagement
Lea Mueller
4w
💲"Flood insurance take-up rate is 47 percent in Bavaria". 💲 This means that more than half of the flood losses are not insured and need to be paid by individuals, companies and the government without pre-allocating the funds.
Yes! Let’s discuss further as Reality Looks different that expected loss & damage…to say it simply
Effecting positive change with technology
4wI think we can see the lasting impact of past regulatory differences here Lea, and the primary reason for the difference in flood insurance penetration between Baden-Württemberg and Bavaria is probably the historical regulatory environment. Baden-Württemberg's mandatory insurance policy until around 2000 ensured that nearly all residents were covered for flood risks, creating a lasting legacy of high insurance penetration. Bavaria, without a similar mandate (if I am not mistaken), saw much lower voluntary uptake of flood insurance, resulting in a penetration rate of about 50%.