CZECH Rep.: Fires are the cause for the largest part of the claims paid for property insurance in 1H

25 August 2022 — Daniela GHETU
Paid claims for fire damages in the Czech Republic throughout the first half of the year amounted to about CZK 1.4 billion (EUR 56.8 million), while damages from storms reached approx. CZK 1.2 billion (EUR 48.7 million), the Czech Association of Insurers (CAP) said.

Fires hold a dominant share in the property damage caused by natural elements and human activity and, despite they are not causing the largest number of claims (2.7 thousand in 1H2022), the high value of the average claim, of over 500,000 CZK (EUR 20,284) leads to the highest value of claims expenses among the property risks.

At the same time, damages caused by storms decreased by 60% in 1H2022 as compared with the previous year, paid claims totaling CZK 1.2 billion for a total of about 41,000 claims. It is worth noting that 2021 was the year of peak in paid claims terms because of the extraordinary occurrence of a strong tornado in Breclavsk and Hodoninsk.

Among the other most significant risks with insurance benefits exceeding CZK 500 million were damage from hail and water damage with amounts of 616, respectively 574 million CZK. From the remaining property insurance events, insurance companies will reimburse their clients a total of almost CZK 2.4 billion.

Total damages from property insurance exceeded the value of CZK 6.2 billion (EUR 251.5 million) in the first half of the year, which also corresponds to 139 thousand resolved insurance events.

[s|Czechia]

[a|daniela.ghetu]

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