German re/insurers paid €2.5bn for weather losses in 2020: GDV

New data from the General Association of the German Insurance Industry (GDV) shows that the German re/insurance industry paid around €2.5 billion this year for damage caused by storms, hail and other natural hazards such as heavy rain.

Overall, 2020 was a below-average year in terms of claims, standing at around €500 million below the value of 2019 and well below the long-term average of €3.7 billion.

GDV General Manager Jörg Asmussen attributed the decrease in losses to the absence of severe hail events this year. Instead, the 2020 bill was primarily shaped by storm Sabine, which drove re/insured losses of €675 million.

This makes it the sixth most costly winter storm in Germany since 2002, with the mostly costly – Kyrill – causing more than €3 billion in 2007, followed by Jeanette at €1.4 billion in 2002 and Friederike at €1.15 billion in 2018.

Property insurance accounts for around €2 billion of the total German re/insured loss this year, versus a long-term average of €2.7 billion, the GDV noted. Of this, €1.6 billion were caused by storms or hail and €400 million euros by other natural hazards such as heavy rain.

The rest was made up for by motor insurers, who paid a total of around €500 million for damage caused by natural forces, with the long-term average being around €900 million.

Source: Reinsurance News