Home Insurance Demand Increases as Regional Storms Rage

Analysis

According to insurance company Netrisk, the amount of people interested in home insurance increases weekly, due to storms within their region.

“In the recent period, it is clear that after storms, many people switch and take out new insurance for their apartments. This may be justified, as the previous insurance, five, 10, even 15 to 20 years ago, is for properties with lower property value, and there may be a lack of additional insurances that provide cover for damage to solar panels, for example,” explains Márton Besnyő, the managing director of Netrisk.

The recent storms replaced the country’s heatwave with colder weather, and torrential downpours in several regions and counties of the country provided work for disaster management staff and firefighters. In many cases, roofs were damaged by wind and falling trees.

According to the data compilation from Netrisk, the number of claims at insurance companies spiked due to the storms, and many people show interest in new home insurance, which provides broader protection than their existing one.

Following the storm that hit many parts of the country at the beginning of the week, Netrisk has shared that the number of people interested in home insurance has increased.

The number of people interested in home insurance increased by 21% compared to the previous week. The number of specific home insurance contract holders increased by 4% from August 22 to 29, and the average fee by which it increased was near HUF 33,000, with an additional 24% of people interested in Casco insurance.

The current increase was compared to a higher base, since after the storms at the beginning of August, more people took out home insurance anyway.

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