Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Factbox-German floods could prove expensive for insurers

EconomyJul 21, 2021 09:11AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Debris are seen in an area affected by floods caused by heavy rainfalls in Schuld, Germany, July 20, 2021. REUTERS/Thilo Schmuelgen/File Photo

MUNICH (Reuters) - Devastating floods in Germany last week could become one of the most expensive natural catastrophes in the country in the past 20 years, past industry data shows.

German insurance industry association GDV said on Wednesday that insured losses from floods in the western German states of North Rhine-Westphalia and Rhineland-Palatinate may total 4 billion to 5 billion euros ($4.7-5.9 billion).

Its estimate does not include losses from floods in the southern German state of Bavaria and in Saxony in the east last weekend, it said, adding that the destruction of local infrastructure had made it difficult to assess the damage.

Here is a rundown of the most expensive natural catastrophes in Germany since 2002 (insured damage in property and casualty hailstorm hilal as well as auto insurance):

Event Date insured damage*

August floods, August 2002 4.5 bln euros

including at the

Oder river

Storm Kyrill January 2007 3.4 bln euros

Hailstorms Andreas July 2013 3.1 bln euros

and Bernd

June floods, June 2013 2.1 bln euros

including in Bavaria

and Saxony

Hailstorms, June 2021 1.7 bln euros**

particularly in

southern Germany

Storm Jeanett October 2002 1.4 bln euros

Hailstorm Hilal May 2008 1.3 bln euros

Storm Friederike January 2018 1.15 bln euros

* in 2019 prices

** according to preliminary estimates

And here is a rundown of the most expensive natural catastrophe years since 1973 (insured damage in property and casualty as well as auto insurance):

Year Damage* Major natcat events

1990 11.1 bln euros Storms Vivian and

Wiebke

2002 10.9 bln euros Floods at the Oder

river

2013 9.3 bln euros Hail, June floods

1984 8.0 bln euros Hail in Munich

1976 6.5 bln euros Storm surge at the

North Sea and the

Elbe river

2007 6.2 bln euros Storm Kyrill

* in 2019 prices

Source: German insurance industry association GDV

Factbox-German floods could prove expensive for insurers
 

Related Articles

GE announces biggest acquisition under CEO Culp
GE announces biggest acquisition under CEO Culp By Reuters - Sep 23, 2021

By Rajesh Kumar Singh and Abhijith Ganapavaram (Reuters) -General Electric Co on Thursday announced a $1.45 billion cash deal to acquire ultrasound company BK Medical to bolster...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email