Severe storms that struck the canton of Zurich over the weekend have resulted in significantly higher building damage costs than initially projected. The Zurich Building Insurance (GVZ) now estimates total damages at approximately CHF 200 million, up from an earlier estimate of CHF 30 million.
As of Monday, the GVZ had received more than 11,600 damage claims, with additional reports still being filed. The insurer attributed the higher cost estimate to the greater severity of individual claims compared to initial assessments. On Friday, the GVZ had projected over 2,000 claims and damages around CHF 30 million.
Despite the scale of the event, described as a "mass damage event" by the GVZ, the insurer stated that premiums are expected to remain stable. The GVZ did not provide further details on the types of damage or affected areas.
