Reinsurance News

Recent French storms thought to cost re/insurers €3.9bn

13th July 2022 - Author: Matt Sheehan

The bad weather that has affected France since the end of May has generated nearly a million claims for which insurers will pay compensation estimated at €3.9 billion, according to a French insurance federation.

France Assuseurs, which brings together 247 insurance companies representing 99% of the insurance market, reports that more than half of the total loss was caused by bad weather between June 18th and July 4th.

This included hailstorms and thunderstorms, gusts of wind and lightning that drove 624,000 claims and €2.4 billion in estimated insurance costs.

Similar events also occurred at the end of May and then during the Pentecost weekend, generating a further 355,000 claims for a total cost of nearly €1.5 billion.

Breaking down the numbers for the weather between June 18th and July 4th, France Assuseurs reports that 267,000 homes were damaged at a cost of €1.07 billion, 337,000 cars at a cost of €1.08 billion, 16,000 professional assets at €190 million, and 4,000 agricultural goods struck at €80 million.

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They come on top of those that already occurred from May 20 to 23 and then between June 2 and 5, which had caused 355,000 claims at a cost estimated today at nearly €1.5 billion.

“The last particularly intense bad weather reminds us that these disasters are above all human tragedies,” said Florence Lustman, President of France Assureurs.

“As essential players in the protection of populations and property, insurers are more than ever committed to supporting French disaster victims. Convinced of the climate emergency, France Assureurs formulated concrete proposals at the beginning of the year to strengthen, in particular through prevention, the protection of our fellow citizens in the face of such climatic hazards.”

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