Summer storms cause HUF 2 bln damage to insurers
Hungarian insurance companies are likely to have to pay out up to HUF 2 billion due to damage caused by storms over the weekend, the Association of Hungarian Insurance Companies (MABISZ) is warning.
By Monday, more than 5,000 clients had already turned to their insurance firms. The worst-affected regions include Budapest and its surroundings, the Lake Balaton area, Northern Hungary and the Great Hungarian Plain (Alföld). Based on experiences from previous summer storms, MABISZ is expecting the number of claims to rise to 20,000 in the coming weeks.
Payouts by insurance companies reached similar levels in June, when damage was caused mostly by strong winds, torrential downpours, leakages, lightning and hailstorms, similarly to this past weekend. Insurers are asking their clients to report damage immediately and record it on their phone cameras in order to receive payments for smaller incidences of damage within days.
In this decade, the cumulative cost of damage due to summer season storms has reached HUF 83 billion, 2010 being the most disastrous year in the period with HUF 30 bln disbursed, according to MABISZ figures.
Most insurance companies are calling upon clients to review their contracts, especially after renovations, as although 72-73% of Hungarian apartments and houses have some insurance, in many cases homes remain underinsured.
Currently, 14 firms offer some form of home insurance, with basic packages starting from a couple of thousand forints a month, according to MABISZ.
Avg Hourly Pay Rate for Blue-collar Workers Climbs 16% in Q1
Bulgaria's Household Income, Spending Rise 20% in 2023
Job Fair and Career Prep at Corvinus Starts Tomorrow
Spago Budapest Offering Unique Sunday Brunch Experience
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
