All insured people who were affected by the July floods will be fully compensated as part of an agreement made by the regional governments and insurance company association Assuralia.
Brussels was slightly less affected by the heavy rainfall in July, compared to Wallonia, where the flood damage is expected to surpass €2 billion, however, the damage to buildings is currently estimated at around €14 million.
"The floods of July have hit the whole country hard. We need to combine all our efforts to help the victims recover," said Brussels' minister-president Rudi Vervoort.
"This agreement between the Brussels Region and the insurance sector will offer 100% compensation to all insured victims without any additional special administrative formalities," he added.
Victims of the floods in Flanders, mainly located in Limburg - where the total damage is estimated between €90 and 123 million - will also be fully reimbursed, as the Flemish Disaster Fund will be allocating funds under the same protocol agreement.
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Under the Federal Insurance Act, ceilings limit the intervention of insurance companies in case of a natural disaster, based on the collected premiums for "simple risk" insurance contracts. The cost of the damages in all regions is expected to succeed this ceiling.
As part of this latest protocol agreement, the governments have joined forces with the professional association of insurance companies Assuralia, of which the fire insurance policy 'Simple Risks', which also includes floods, will cover all the damages.
To help the victims, the insurance sector has said it will double its intervention efforts in financial support, whilst the government will cover the costs that exceed the intervention ceilings of the insurance companies, a scheme which is expected to cost around €9 million in Brussels and up to €79 million in Flanders.
"By doubling our financial efforts, we as a sector are taking up our social responsibility," said Hein Lannoy, CEO of Assuralia.
He added that the "good cooperation with the Regions also guarantees a smooth procedure for all insured parties," who can settle their claims via their trusted broker, agent or company. "In this way, we hope to take away some of the concerns of the many victims," Lannoy added.
"The insurance companies are prepared to contribute a lot more than the insurance law requires. As a government, we are covering the difference so that no one is left out in the cold," said Flemish minister-president Jan Jambon.