October Storm Resulted in Insurance Claims Worth €3.5 Million

October Storm Resulted in Insurance Claims Worth €3.5 Million

October Storm Resulted in Insurance Claims Worth €3.5 Million – Approximately two thirds of the 1,500 insurance claims resulting from the storm that struck Estonia in October were related to home insurance.

The storm, which raged from October 7–8, may have resulted in 1,017 home insurance claims totaling €1.7 million, 277 corporate and apartment association insurance claims worth €1.2 million, and 217 vehicle casco insurance claims worth €600,000, according to data from nine insurance providers, according to the Estonian Motor Insurance Bureau (LKF).

A typical home insurance claim was worth €1,715, but significant claims could total up to tens of thousands of euros. For corporate claims, the average was €5,326; for vehicle claims, it was €2,728.

According to LKF spokesperson Ülli Reimets, broken roofs accounted for about 25% of storm damage cases, while broken branches or objects that were damaged in flight caused damage in every other case.

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2005 storm damages still the worst

December storms have proven to be the most destructive over the past fifteen years, according to information from insurance providers. August and October also have a higher chance of storms. The strongest storm of 2023 occurred between October 7 and 8.

According to Reimets, storms and flooding differ from year to year, and the quantity of claims also depends on the population and density of properties in the areas that are most severely affected.

In 2005, the highest insurance losses resulting from natural disasters were recorded. Damage from the storm and flooding in Pärnu was estimated to be over €10 million.

Reimets noted that since there is more insured property in the area and it is worth more, a storm of that magnitude today would generate insurance claims that are many times larger than that amount.

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August 2010, December 2011, October 2013, the two December storms of 2013, December 2015, July 2016, and October 2019 were among the storms that, according to her, produced damage comparable to the October storm this year.

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