German Insurance Industry Rues Lack Of Adaptation To Climate Impacts

Following the devastating floods in western Germany, the insurance industry is calling on politicians to rethink their policies regarding climate change.

"In many places, adaptation to the consequences of climate change is being neglected," Joerg Asmussen, managing director of the German Insurance Association (GDV), said in an interview with the Sunday edition of Die Welt newspaper.

Buildings are still being erected in flood plains, areas are being sealed over in an unhindered fashion and investments in preventive measures are piling up at the municipal level.

"We have to change course here, otherwise a spiral of further catastrophes and increasing damage will be set in motion, which will first become expensive and then at some point unaffordable," Asmussen said.

It is becoming apparent that the current year will be one of the worst in recent history in terms of losses, he said.

The German head of the French insurance group Axa, Alexander Vollert, described the severity of the property damage and the large regional spread as unique.

"We are not talking about floods here, but storm surges on a large scale," Vollert told the newspaper.

According to Allianz board member Jochen Haug, it is too early to make statements on the "however certainly considerable extent of damage," the report said.

The group is currently pulling together its experts from all over Germany in order to be able to assist customers in the affected areas on site and to help them quickly.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC