Drought leads to more Spanish property insurance claims

Severe dry spells across Europe have resulted in a rise in the number of insurance claims as a result of subsidence damage to properties, it has been revealed.

A report published by Swiss Re and the Swiss Federal Institute of Technology found that subsidence-related claims could rise by as much as 50 per cent in some areas between 2021 and 2040.

Matt Weber, head of property and speciality underwriting at Swiss Re, commented: "As our climate continues to change, the risk of property damage from subsidence is not only increasing, but also spreading to new regions in Europe."

According to the Economic Times of India, parts of Northern Spain are among those affected by these issues.

People thinking about purchasing a property in this part of Spain may therefore want to consider such risks when looking for the ideal home.

The authors of the report have stressed that soil subsidence needs to be tackled as part of wider climate change efforts.
 

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