Climate change increases subsidence risk
by Richard Kilner
Story link: Climate change increases subsidence risk
Climate change is leading to increased subsidence, which is now the most expensive natural hazard in Europe, according to Swiss Re.
Subsidence is a highly expensive but relatively unknown risk to homes, which is exacerbated by prolonged dry weather.
Over the last two decades, the Swiss Re report states, claims related to subsidence in France have increased by 50%, costing an average of €340m per year.
Matt Weber, Head of Property & Specialty Underwriting at Swiss Re, warned that climate change was leading not only to more subsidence but a widening of the area that was affected by the problem.
The recent increase in hotter, sunnier weather increases the risks of the soil-related threat, as the ground is baked and then splits, damaging foundations.
In June specialist loss adjuster QuestGates warned of an increased risk of subsidence in the UK, following an official declaration of drought in some regions of the country.