Natural hazards in the first-half of 2019 in Germany, underpinned by storms, hail, lightning and heavy rains, resulted in insured losses of €1.3 billion (USD 1.44 billion), according to the German Insurance Association (GDV).
(REUTERS/Wolfgang Rattay)
The €1.3 billion loss total represents damages from natural hazards in H1 2019 in Germany to both motor vehicles and residential buildings.
According to the GDV, over 50% of German residential property owners lack elementary damage insurance protection against extended natural hazards, which includes things like flooding or heavy rainfall.
Of the total, €730 million (USD 811 million) are attributable to residential buildings, which is below the long-term average for the half-year period of €800 million (USD 888 million).
The remaining €550 million (USD 610 million) of the total loss figure for the first-half of 2019 are attributable to motor vehicles, which is actually above the long-term average of €500 million (USD 556 million) for the period. Hail damage to cars increased by around 10% year-on-year, says the GDV.
Bernhard Gause, member of the board of the GDV, said: “Despite many hail damage to cars, we currently expect a normal year of damage in 2019.
“The storm series and the hailstorm at Pentecost have shown again: a few events can do a lot of damage in a short time.”
€660 million (USD 733 million) of the total €1.3 billion figure came from storm and hail damage to houses, with the GDV revealing that March storms Dragi and Eberhard accounted for roughly €300 million (USD 333 million) of this.
The GDV notes that during the first-half of 2019 there was less damage from heavy rainfall. In fact, heavy rainfall in June resulted in a hit to insurers of roughly €25 million (USD 28 million).
Furthermore, the GDV reveals that overall, extended natural hazard damage caused by heavy rainfall, floods and earthquakes in the first-half of 2019 in Germany reached around €70 million (USD 78 million), which is below the long-term average for the period of €140 million (USD 156 million).
