Interior Ministry to put insurers under obligation to insure property

Natural disaster-related damages to property exceeding the available state compensation funds have prompted the Interior Ministry to propose preventive measures and a compensation system for extreme situations, a ministry press release on October 4 stated, as reported by TASR. The ministry said that its experience has shown that many Slovaks do not take the risk of natural disasters to their property seriously enough to take out insurance. Instead, they wait until they have troubles and then rely on state aid and public solidarity to help them out.

Natural disaster-related damages to property exceeding the available state compensation funds have prompted the Interior Ministry to propose preventive measures and a compensation system for extreme situations, a ministry press release on October 4 stated, as reported by TASR.

The ministry said that its experience has shown that many Slovaks do not take the risk of natural disasters to their property seriously enough to take out insurance. Instead, they wait until they have troubles and then rely on state aid and public solidarity to help them out.

Citing, for example, the reluctance of insurance companies to insure property in high risk areas, the ministry proposes to put insurance companies under the obligation to insure property when requested by citizens. It will be necessary to create a government reserve for compensation of freak events and crisis situations.

“Given the low number of people insured against natural disaster-related property damage, it will be necessary to intensify awareness in this respect,” TASR quoted from the ministry press release.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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