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Blog Living Earthquake insurance

Earthquake insurance. Why it's worthwhile.

Right now, while you’re reading this article, the earth may quake somewhere in Switzerland – or it could happen tomorrow, or in 20, 30 or 100 years. Luckily, our country rarely experiences a severe earthquake; but if it does, the damage can be a threat to your financial existence. Many home owners are not adequately protected. Find out about the ideal way to insure your property against earthquakes.
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How high is the threat of earthquakes in Switzerland?

The risk of earthquakes in Switzerland is average, in a European comparison. In Switzerland, earthquakes are considered to be a natural hazard with significant damage potential, as they can neither be reliably predicted nor prevented. However, research can show which regions are affected, as well as how greatly and how frequently.

500-800 earthquakes

That’s how often the earth moves in Switzerland each year. However, only 10-15 of these quakes are noticeable – those with a magnitude of over 2.5.

Greater risk in certain regions

Earthquakes can occur in all regions of Switzerland. Valais, the regions of Basel, the St. Gallen Rhine Valley, the Bernese Oberland, Engadine and parts of central Switzerland are particularly vulnerable, however.

Minor and average damage

Experts talk about earthquakes with a magnitude of 5 or higher as causing minor or medium-level damage to buildings and property, for instance cracks in the facade.

Probability of an earthquake occurring in a period of 50 years:

  • Magnitude 5.5: 80%
  • Magnitude 6: 40%

Destructive events

If Switzerland suffers an earthquake with a magnitude of 7.0, this is considered to be a destructive event with considerable damage to property, including to buildings with solid foundations. The likelihood of this occurring once in 50 years is 5%.

Go to map of earthquake zones

*Figures according to the Federal Office for the Environment FOEN

Which insurance policy covers an earthquake?

The facts show: the risks of earthquakes are considerable. One might think that real estate in Switzerland is well protected. But this is not the case. Comprehensive earthquake insurance is considered to be the most major gap in insurance cover in Switzerland. An overview:
Many home owners think that earthquake damage is covered by the mandatory buildings insurance.

But this covers only damage caused by fire or natural forces (high water, flooding, storms, hail, avalanches, snow pressure, rock fall, rockslides and landslides). One exception is the Buildings Insurance of Canton Zurich (GVZ), which has set up a fund in the amount of CHF 1 billion for earthquakes.  

17 of the Swiss cantons require home owners to take out cantonal buildings insurance.

They set up the “Swiss Earthquake Pool”, which can provide CHF 2 billion in the event of severe earthquakes.

About the limited insurance solution in Canton Zurich or the Swiss Earthquake Pool: neither solution is comprehensive, genuine insurance.

There is no contractual obligation to pay benefits and payments are only made in the case of severe earthquakes with an intensity of VII on the MSK scale. There is no protection against medium-strength earthquakes. Moreover, if the total damage is greater than the sum set aside, the benefits per building are reduced proportionately.  

Both solutions together provide only CHF 3 billion.

If one considers that both solutions together provide only CHF 3 billion, but that the value of all buildings in Switzerland is estimated at around CHF 2-3 trillion, it’s clear that the fund and the pool would not be able to finance the damage caused by destructive earthquakes, even if only parts of Switzerland were affected.

The following cantons are not part of the earthquake pool solutions as they do not have cantonal buildings insurance or do not participate in the pool:

Bern, Geneva, Uri, Schwyz, Ticino, Appenzell Innerrhoden, Valais and Obwalden. Anyone who owns a house in these regions and does not take out earthquake insurance must bear all costs relating to an earthquake themselves.  

How can I take out earthquake insurance?

Helvetia offers earthquake insurance for buildings for both private individuals and companies. You can protect your personal effects against the consequences of an earthquake with an addendum to your household contents insurance.

If your building is in one of these cantons – Geneva, Uri, Schwyz, Ticino, Appenzell Innerrhoden, Valais or Obwalden...

… you can take out buildings insurance with Helvetia. You can also protect yourself against the risk of earthquakes in the same policy.

If your building is in one of the other cantons...

… you must insure it against fire and natural forces with the cantonal insurance provider. As supplementary protection you can take out comprehensive earthquake insurance in a separate policy with Helvetia.
At a glance

Why does earthquake insurance make sense in Switzerland?

  • According to estimates, only 15% of Swiss properties are currently insured against earthquakes.
  • There is a 40-80% probability that once in 50 years a medium-scale earthquake will cause damage to buildings and property – so the risk is omnipresent.
  • Severe earthquakes are rarer; but if one were to occur, the financial existence of many people would be threatened, as around 40-50% of a Swiss household’s assets are tied up in its property. Refinancing is not guaranteed without insurance of your own.

Our recommendations
Earthquake insurance is worthwhile and protects your financial existence in most cases. Talk to an expert to find out if this is also true for your building – various factors such as the region or the type of building can affect the decision and the premium. If you choose not to take out earthquake insurance, you should be aware of the risk you are taking.

Buildings insurance. Comprehensive protection for your home.

The risk of an earthquake is considerable, the extent of the damage could be enormous. Protect yourself now with Helvetia’s earthquake insurance.

Good to know

Compulsory earthquake insurance: a topic for politicians too

For around twenty years, attempts have been made to create nationwide earthquake insurance in Switzerland. However, so far, the political endeavours have all failed. Current discussions centre around a new model, that of contingent liability. The law would oblige property owners, in the event of an earthquake causing damage, to contribute a certain percentage of the insured value of their building as a single premium into a common pool, which would be used to finance damage. The outcome of this political debate is still awaited. Regardless of this, Helvetia recommends that people look into the matter of earthquake risk and, depending on their circumstances, to take out insurance – irrespective of the political situation and its development.

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