Climate - Extreme weather events cost insurers 4.9 billion euros in 2023
Floods, hail and other extreme weather events caused Germany's insurers losses of 4.9 billion euros at the end of the year.
Compared to the previous year, insured damage to houses, household contents, businesses and motor vehicles is expected to have increased by 900 million euros, according to the German Insurance Association(GDV). "Unfortunately, they are therefore fairly stable at the high level of the long-term average of 4.9 billion euros," said GDV Managing Director Jörg Asmussen according to the press release.
The storms in the summer months were particularly significant. In August alone, they caused damage amounting to 1.5 billion euros, almost a third of the total. In addition, the storms "Kay" and "Lambert" raged in June, which according to GDV also cost hundreds of millions of euros.
The largest cost block in the year just ended was damage caused by storms and hail, as the GDV further reports. They accounted for property damage amounting to 2.7 billion euros. Floods and other storms accounted for 900 million euros. These two items were therefore slightly below average. At 1.3 billion euros, however, insured motor vehicle damage was above the long-term average, according to GDV.
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The bad weather in various parts of Germany led to numerous insurance claims. The General Association of the German Insurance Industry (GDV) noted an increase in insured damage due to flooding, hail, and storms. These events resulted in a total loss of 4.9 billion euros, with 1.5 billion euros from the summer storms alone. The insurance industry anticipated a rise of 900 million euros in damages compared to the previous year. Despite the increase, Jörg Asmussen, GDV Managing Director, remarked that the losses remained at a high long-term average level. Germany's climate and its impact on weather are significant factors influencing the insurance sector's financial performance.
Source: www.stern.de
