Commercial property insurance, for example building insurance, is becoming more expensive: due to climate hazards, floods or damage caused by tap water, insurance companies have often been in the red in recent years. Against this backdrop and a simultaneous shortage of supply, commercial property insurance is experiencing a veritable explosion in premiums. ECE counters this tense market situation with IoT solutions and holistic risk management. An increasingly important influencing factor is also the topic of sustainability - not least accelerated by the EU taxonomy and ESG criteria.
2021 was the second most expensive year for property insurers
"Ylenia", "Zeynep", "Antonia" - this February's trio of storms hints at it: 2022 could be another year of major losses from natural catastrophes. 2021 was already an expensive claims year for insurance companies in the particularly competitive area of commercial property insurance.
For example, summer 2021, storm "Bernd" brought devastating floods and, together with other severe weather consequences, caused losses totaling 46 billion euros across Europe - 33 billion euros of this in Germany alone. 11 billion euros of the Europe-wide losses were insured - 8.2 billion euros of this in Germany.
In the USA, Hurricane Ida hit in late summer 2021, causing losses of 65 billion US dollars, of which 36 billion US dollars were insured. This devastating loss balance also hit the domestic insurance industry again. Overall, 2021 was the second most expensive year in the history of property insurers.
Against this backdrop, what are ways to avoid costly commercial property insurance premiums?