Tens of thousands of people were displaced following devastating floods after major rivers burst their banks in northern Kazakhstan and Russia.
More than 125,000 people have been displaced by flooding in Russia’s southern Ural region and northern Kazakhstan, authorities said on Monday.
Swiftly melting snow swelled several rivers in the region last week, including the Ural, Europe’s third-largest river, with authorities saying that water levels had risen by meters in a matter of hours to the highest levels ever recorded.
Authorities said floodwaters continue to rise, posing further threats.
What happens to insurance companies in situations like this?
Floods are often excluded from coverage. I had a fun old time reading my moped insurance 15y ago, they had all kinds of exclusions a for larger events (like nuclear war). Also, I don’t know this part of the world specifically, but speaking in boarder terms, Russia is richest near it’s capital and the differences are not small, so the amount of insured homeowners might be smaller then we anticipate.