- Hurricane costs savings insurance millions of euros
Heavy storms at the end of May and beginning of June cost the Sparkassenversicherung (SV) in Baden-Württemberg a significant amount of money. The company estimates the total damage to be between 130 to 200 million euros, with up to 6,000 claims, a spokesperson in Stuttgart confirmed. The storms and heavy rain led to flooding in many brooks and rivers. Particularly affected regions in the insurer's business area were the Lake Constance region, Ravensburg, Weingarten, Meckenbeuren, the Alb-Donau-Kreis, Ulm, the district of Göppingen, Schorndorf, the Rems-Murr district, Ludwigsburg, the Hohenlohe region, Heilbronn, and Lauffen am Neckar.
The Sparkassenversicherung is the market leader in the southwest for residential building insurance against elemental damages. Its insurance area also covers Hesse, Thuringia, and parts of Rhineland-Palatinate. Until July 1, 1994, elemental insurance was mandatory in Baden-Württemberg.
Just a few days ago, the financial conglomerate Wüstenrot & Württembergische (W&W) had to cut its forecast due to the damages caused by the storms. For the full year 2024, a profit well below last year's 140.5 million euros is now expected, as the company announced in Kornwestheim (district of Ludwigsburg). The southwest is part of the core region for the insurances.
The Sparkassenversicherung, being the market leader in residential building insurance against elemental damages in the southwest, will likely process a significant number of claims from the affected regions due to the storms. The southwest, being a key region for Wustenrot & Wuertembergische's insurances, has also experienced substantial damages due to the heavy storms.
