The Luxembourg Insurance and Reinsurance Association estimates the total value of material damage to be very high. A first assessment should be published on Wednesday.
The Luxembourg Insurance and Reinsurance Association (ACA) has not yet been able to present an estimation of the amount of damage caused by Friday's tornado. Marc Hengen, CEO of ACA, told RTL that it is likely to be very high.
Some insurance companies went to inspect the devastated areas on Friday night, both in order to get an idea of the extent of the damage, as well as to offer reimbursement assistance to victims.
Roof replacements cost €100,000 on average, and considering the number of roofs blown away or destroyed, the final cost risks running up to an unsavoury amount, even without including further damages.
Unlike countries such as France, insurance payments are not contingent on whether or not the Prime Minister issues a “natural disaster declaration”. Insurance policy relating to storms have been in places since the 1990s, however it is not compulsory for companies to pay for compensation.
The managing director of ACA clarified that there was no time limit for reporting damage caused by the weather. Many people were away at the time of the event, and as such have not yet been able to draw up a full inventory. However, it was necessary for everyone to contact their insurance company as soon as possible in order to put the necessary gears in motion. In all cases, documentation with photos is preferable.
Many cars have also been damaged or destroyed as a result of flying detritus. While "normal" insurance does not take into account these into account, the contract called "mini-casco" integrates this option.
Marc Hengen assumes that, as this is a one-off natural disaster, these events are not expected to have any impact on insurance prices.