Extreme weather quadruples water damage claims

The number of water damage claims following cloudbursts in the first quarter of 2024 has nearly quadrupled compared to the previous year, based on data from F&P, representing insurance companies. It’s attributed to ongoing trends from 2023, the wettest year recorded, according to F&P deputy director Pia Holm Steffensen. Climate change is cited as the primary cause for the increased number of claims. There’s concern that rising compensation costs might lead to higher insurance prices, making it unaffordable for some consumers. Topdanmark also reports a significant rise in cloudburst damage claims. F&P suggests a national climate adaptation plan with specific measures including mandated climate requirements in new construction and discouragement of building in low-lying, flood-prone areas.