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Flooding Is Leading Reason for Insurance Claims Globally in 2013

Posted on Sep 26, 2013

Unfortunately, a wide array of disasters strike communities around the world, from hurricanes and tornados to monsoons and tsunamis. These severe weather events and other incidents cause billions of dollars of damage and kill thousands of people each year. But which types of occurrences most commonly led to insurance claims internationally in the first half of 2013?

According to international reinsurance company Swiss Re, flooding is the most common cause of property damage and subsequent insurance claims across the globe. The data of the giant insurance company showed that it paid out $20 billion in flood insurance claims, including $17 billion in flood insurance claims that were due to a weather-related catastrophe.

Many of the flood insurance claims stemmed from an enormous flood in Europe in June that cost the insurance company $4 billion. Another significant flood in Alberta, Canada, cost $2 billion, while other natural disasters involving flooding took place in India, Australia, South Africa, Argentina, and Indonesia.

Swiss Re reported that 2011 was also a particularly bad year for flood-related damage, mostly due to flooding in Thailand that caused $16 billion in property damage. Flooding and water damage are often the top reason for insurance claims, depending on what types of natural disasters strike around the world each year. Fire and wind are other top contenders.

Are you struggling with a flood damage insurance claim after your business or commercial property was damaged by water? You may benefit from the assistance of a commercial insurance claims attorney. Call the Voss Law Firm today: 888-614-7730.

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