Fire and natural hazards insurance 2023

In Liechtenstein, values amounting to CHF 29.6 billion are insured against fire and natural hazards - more than four times the gross domestic product. This figure shows the great economic importance of this insurance. It is an important component of the country's integral risk management, which includes prevention against natural hazards, coping with natural events and reconstruction.

Storm wind was the most common cause of damage from natural events in 2023, with 243 losses, as in the previous year. This was followed by damage caused by hail and flooding. In fire insurance, lightning was the most common cause of loss. Of a total of 113 claims, 37 were caused by lightning strikes. In total, insurance companies made payments of CHF 2.1 million for fire damage and CHF 2.7 million for natural hazards in 2023. Insured natural hazards are losses caused by natural events such as floods, inundation, storms, hail, avalanches, snow pressure, rockfall, rockslides and landslides.

The current edition of the brochure focuses in particular on the insurance gap. The term refers to the discrepancy between insured and uninsured losses due to natural disasters. Liechtenstein has a high level of protection in this area by international standards. The existing protection gap is correspondingly small compared to other countries. However, against the backdrop of a further increase in extreme weather events as a result of climate change, the topic is gaining in importance and requires an increase in risk awareness.

The FMA is entrusted with various supervisory functions in fire and natural hazards insurance and therefore has the necessary data at its disposal. The brochure Fire and natural hazards insurance in Liechtenstein is updated annually and is available on the website.

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