General:

  1. The draft legislation or rather bills are currently up for debate.
  2. At present, one assumes that the introduction of the laws will be delayed by a few months, but they will at least be implemented in 2025.

Content of the draft legislation:

There are three risk categories

  1. For assets (building, content, premises) of up to EUR 1 mil. in total, it is mandatory to purchase insurance covering 100 % of the actual value.
  2. For assets (building, content, premises) from EUR 1 – 30 mil. in total, it is mandatory to purchase insurance covering at least 70 % of the actual value.
  3. For assets (building, content, premises) of more than EUR 30 mil. in total, the scope of coverage is up to negotiation.

The deductible can amount to up to 15%.

For property, an initial risk amount which must be in proportion to the respective land area is provided for.

The CAT definition comprises “Inundation/flooding, earthquakes, Landslide/mudslide”.