In the period 1950-1959, major catastrophes were not insured against.  In the nineties, the insured damage from such catastrophes amounted to US$ 109.3 billion, or 18% of the economic damage. The amount of insured damage increased sixteen-fold from the sixties to the nineties. The reasons for this were the increased extent of industrial areas and the demand for greater cover against natural forces.

Austria, too, is caught up in the international trend to the increasing occurrence of natural catastrophes. The main natural forces encountered this year so far were hailstorms and storms, floods and drought. Apart from major damage, mostly to buildings and motor vehicles, agriculture was particularly affected by the weather. Hail, often accompanied by storms between April and September 2000 caused damage amounting to over ATS 900 million (EUR 65.41 million). From April to the end of June, Austria suffered extreme drought. In Vienna a mere 83mm of precipitation was measured, more than 100mm less than the thirty-year average.

In the first half of 2000 UNIQA, Austria´s leading insurance Group, made payments for damage and accidents caused by hail, storms and greatly increased damage in the vehicle sector amounting to ATS 3.2 billion (EUR 235 million), an increase of 12.7%.

"Allrisk" - an innovative form of insurance against Acts of GodBecause of the increase of unforeseen damage due to extreme weather conditions, the need for comprehensive home insurance has arisen. UNIQA has quickly reacted to this trend and with its “Allrisk” products can insure against most dangers, with only a few exclusions. Cover has also been improved against natural catastrophes such as floods, mudslides and avalanches. “There is a constant demand for our innovative products. Because of the sharply increasing number of “Allrisk” contracts, it is clear that there is a need for customer-oriented, simple and comprehensive insurance,” says Dr. Johannes Hajek, UNIQA´s responsible Management Board   member.

Source: Münchener Rück , E&F/Geo - February 2000 Austrian Hail Insurance