Summer storms caused the most damage in 2023

By: Trademagazin Date: 2024. 01. 24. 09:02

In terms of the type of damage in home insurance, broken pipes are still the most common damage, which, as in previous years, accounted for 30 percent of all claims. The second place on the top list is storm damage with 16 percent, but if we look at the damages associated with all stormy weather (by frequency: general storm damage, soaking, induction effect of lightning, hail, torrential rain, snow pressure, lightning, roof soaking), their number is in contrast to 2022 it has already surpassed that of pipe breaks (38% vs 30% of all claims), as well as in claims payments (also 38% vs 30%), so they are actually in first place. In 2023, there was 50 percent more damage related to stormy weather than in 2022, and by 60 percent compared to 2021. The amount of compensation payments increased by more than 65 and 75 percent respectively in the same comparison.

Due to the increasingly extreme weather conditions, a significant number of Hungarians are increasingly afraid of natural damage, which has increased the importance of insuring real estate and the assets in it. Allianz Hungária’s research examining home insurance habits[1] revealed that we are most afraid of water (78.3%), fire (67.6%) and natural damage (62.9%) to our homes. According to the insurance company’s survey, 85.5 percent of those surveyed have home insurance, while this ratio is roughly 75 percent for the entire domestic housing stock.

Among the damage types that occur due to extreme weather, the number of damage types caused by rain tripled in 2023, and flooding and roof damage doubled in number and payment compared to 2022. In addition, the number of items doubled, and the damage payment for foreign objects fell fivefold.