Reinsurance News

Germany sees €3bn of nat cat losses in H1: GDV

8th September 2022 - Author: Kane Wells

The German Insurance Association (GDV) has said that natural catastrophe events caused damages of around €3bn in the first half of 2022.

GDV General Manager, Jörg Asmussen said, “So far, 2022 has been an above-average claims year. The winter storm series “Ylenia”, “Zeynep” and “Antonia” in February alone caused almost 50% of the damage at €1.4 bn.”

This makes the storm series the third most severe since 2002, says GDV.

It also notes that of the €3bn in total damages, €2.5bn is related to residential buildings, household goods, and businesses. It adds that only about half of homeowners in Germany are insured against natural hazards.

Asmussen continues, “Climate change is progressing. We are currently on a path that, at three degrees, is well above the 1.5-degree threshold of the Paris climate agreement.”

Tremor - The modern way to place reinsurance

“By 2026 we could already exceed this threshold. Extreme weather events are increasing in frequency and intensity as a result of climate change.”

In May of this year, the “Emmelinde” tornado caused severe damage in Paderborn, Höxter and Lippstadt. Motor insurers also registered slightly more claims than usual in the year’s first half at €500m.

The GDV expects the long-term average damage from storms and hail for the first half of 2022 to be around €1bn.

They also note that no significant damages came from floods or heavy rain in the year’s first half.

This is far below the expected value, considering that in 2021, the GDV estimated around €9bn of damages were a result of flooding and heavy rain.

Print Friendly, PDF & Email

Recent Reinsurance News