Reinsurance News

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

30th December 2020 - Author: Matt Sheehan

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.

germany-flagOverall, 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.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Blackstone invests in SUNZ Holdings

Investment management firm Blackstone Tactical Opportunities has acquired a significant stake in SUNZ Holdings, in order to help fund its...