Preventing claims and climate adaptation
Tryg adapts insurances to the future
As the largest insurance company in Scandinavia, Tryg wants to support society in adapting to climate change and give customers peace of mind.
Tryg is ready with the first insurance products that contribute to the EU's climate adaptation goals
Wildfires, giant hail and floods. The need to counteract more frequent and extreme weather events has increased, and as of today, customers in Denmark, Norway and Sweden can get insurance from Tryg to help them adapt to climate change.
Tryg is now ready with a house insurance for private customers and a building insurance for business customers, which is adapted to the EU taxonomy and contributes to the EU's environmental goal of climate adaptation. This means that Tryg has thoroughly scrutinised the insurance policies to ensure that customers are covered against relevant climate-related risks, such as storms, wildfires and cloudbursts, and that the policies contain an incentive to prevent climate-related damage.
The fact that Tryg has now updated two types of insurance to contribute to the EU's climate adaptation goals is an important step towards better understanding new risks associated with climate change and translating these into concrete coverages and benefits for customers.
Benefits for customers who take extra preventive action
Many climate-related damages are caused by cloudbursts and water ingress. This type of damage affects not only the individual's finances, but potentially also the health and well-being of customers. Tryg has for several years had a strategic focus on preventing damage. Prevention helps to ensure that customers reduce the risk of damage from extreme weather events.
At Tryg, customers are offered a reduced premium or avoid the deductible if they install specific devices that prevent water-related damage. This will encourage even more customers to better protect their house or building against the elements.
Read more about Tryg's specific prevention elements for private customers in Denmark, business customers in Denmark, customers in Sweden and customers in Norway (only on Danish, Swedish and Norwegian).
Better at predicting and informing customers about future climate-related events
Predicting risks is an important part of the business of insurance companies, and Tryg is making significant efforts to become even better at understanding and predicting future extreme climate and weather-related events for the benefit of society and Tryg's customers.
The challenge is to predict future weather events in a changing climate and what this means for customers and Tryg. Therefore, Tryg uses global temperature models, forecasts and projections of how the climate will potentially develop in the coming years.
Tryg works with authorities in Denmark, Norway and Sweden to prevent damage to buildings and is prepared to share data on areas most exposed to weather-related risks - upon request from authorities and for analytical research. In addition, Tryg wants to inform customers about how to protect their homes and buildings against more extreme weather, e.g., via SMS, Tryg's website or other relevant communication channels.
Facts about insurance adapted to the EU taxonomy
When Tryg adapts an insurance policy to the EU taxonomy, it means that:
- The insurance covers damage caused by relevant current and future climate and weather-related events, e.g., storms, natural fires and cloudbursts.
- Tryg offers benefits to customers who have taken out the insurance when they take concrete measures to prevent climate and nature-related damage.
- Tryg uses forecasts and projections to predict future climate risks and to inform customers on how to protect their assets ahead of major weather events.