Extreme weather events will become ever more frequent, with all the damages and costs that entails.
How can we deal with the financial ramifications, Charles Margue, MP for déi gréng, wanted to know from Finance Minister Pierre Gramegna on Tuesday.
A voluntary supplementary insurance against floods was introduced in 2017, which just over 50 percent of households have taken, says Gramegna, adding that everyone should consider getting it.
“For 20-30 Euros a yer you can cover 100,000 Euros. However, these premiums were set too low as insurance companies thought these events would maybe occur once every ten years. Now we discover they happen almost every year.”
Insurance companies have already announced they will increase the premiums. In terms of mandatory insurance policies, the finance minister is cautious.
The ministry is currently looking into models from other countries to see how they could get every household to procure an insurance for cases of weather catastrophes.
