Photo: ILYA/ Adobe Stock. Illustration photo.
The insurance companies have so far registered around 10,000 insurance-reported losses to buildings, contents, and land after the extreme weather "Hans". The compensation for the damage reported so far are estimated at around NOK 1.8 billion, according to the Norwegian Natural Perils Pool.
The estimates are preliminary, and it’s still an early phase. The scope and amounts can therefore still change. The estimates apply to flood and landslide damage, as well as damage caused by water ingress from outside. About 6,700 of the reported damages, equivalent to NOK 1.1 billion*, are defined as natural damages according to the Natural Damage Insurance Scheme, while the rest of the damages are covered by the insurance companies' ordinary coverage.
Extreme weather "Hans" also caused major damage to infrastructure. This is in addition to the damages covered by the insurance scheme.
*including IBNR
Buildings and contents that are insured against fire damage through house and contents insurance are automatically also insured against natural damage. This follows from the Natural Damage Insurance Act. In the event of damage, customers contact their own insurance company.
Natural damage means damage that is directly caused by a natural disaster, such as landslides, storms, floods, storm surges, earthquakes, volcanic eruptions, tidal waves and meteorite impacts.
All insurance companies that offer fire insurance in Norway are members of the Norwegian Natural Perils Pool.