Reinsurance News

Most of $2bn June European weather losses insured: Aon

11th July 2019 - Author: Charlie Wood

A series of severe weather outbreaks that swept across Europe in June is expected to have generated over $2 billion in economic losses, most of which will be covered by insurers.

Aon logoThe latest catastrophe report from global re/insurance brokerage Aon describes how multiple countries across Central Europe were hit with large hail, strong gusts and intense rainfall between June 10 and 12.

Aon estimates that overall insured losses from these events, which included significant hail damage in the greater Munich metro area, stand at $830 million.

Meanwhile, severe storms impacted portions of Western and Central Europe during the weekend of June 15-16, particularly Southwest France, canton Genève in Switzerland, Niedersachsen in Germany and parts of the Czech Republic and Austria.

The worst impacts were recorded in France, where a state of disaster was declared. Aon states that the industry is expected to cover most of the $560 million economic losses inflicted during this time.

“An active start to summer in the Northern Hemisphere featured many large-scale weather events including severe thunderstorms, flooding, extreme heatwaves, and drought,” said Michal Lorinc, Catastrophe Analyst within Aon’s Impact Forecasting team.

“Europe was at the center of many of these perils as record temperatures engulfed parts of France, and large hail and damaging winds led to more than USD730 million in insured costs in Germany alone.”

“Impact Forecasting currently has a fully probabilistic hail model available for several European countries to help clients better understand the growing risks associated with hail to property exposure.”

Elsewhere, the United States dealt with periods of powerful thunderstorms and flooding rains which impacted parts of the Rockies, Plains, and the Southeast from June 8-10.

Total economic losses were estimated at up to $575 million, while insurers payouts were estimated to reach $400 million.

In China, seasonal rainfall and flooding began across central and southern regions of the country, with the hardest-hit provincial regions included Guizhou, Jiangxi, Guangxi, and Guangdong.

The seasonal flood toll in China was listed at $6.1 billion.

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