The Luxembourg Insurance and Reinsurance Association (Association des Compagnies d’Assurances et de Réassurances - ACA) has published an update on the damage caused by the July floods; new estimates put the total cost of damage at €125 million.
Three months after the flooding in Luxembourg, insurers carried out an inventory. The ACA received 6,500 claims for damage to homes and businesses and a further 1,300 for damage to vehicles. The total cost of this disaster, which ACA described as "the most expensive in the history of Luxembourg insurance", is estimated at €125 million.
To date, around 80% of vehicle claims have been paid in full, while 85% of claims related to damaged homes and businesses have been paid (either partially or in full). Several files still open are pending expert appraisals, quotes / invoices which have not yet been provided by the insured parties, or work that requires additional time due to a lack of raw materials or craftspeople who are unavailable at short notice.
Given the increased frequency of extreme weather events over the past three years in Luxembourg, the ACA recommended that insured parties pay attention to the guarantees they have taken out and have them reviewed by their insurer or insurance agent.
