Germany: EUS 1.5 billion losses by storms, hail, lightning and floods in August

21 September 2023 — Daniela GHETU

Losses caused by end of August severe storms in Germany are expected to reach up to EUR 900 million, the German Insurance Association (GDV) said, while for the whole of August, the damage caused by storms, hail, lightning and floods adds up to EUR 1.5 billion.

The above figures include damage to houses, household goods, commercial and industrial enterprises of more than EUR 550 million for the series of storms at the end of August and EUR 950 million for the entire month. Motor insurance losses amounted to EUR 350 million and EUR 550 million respectively.

Storms with storms and hail caused severe damage from 24 to 30 August, especially in Bavaria. The low "Denis" had its focus in the southern Bavarian towns of Bad Bayersoien and Benediktbeuern. Unusually large hail with a diameter of up to ten centimeters fell there on 26 August.

For the first half of 2023, the GDV recently reported insured natural hazard losses of EUR 1.9 billion, below the average of recent years. For 2022 as a whole, claims expenses amounted to EUR 4.3 billion, slightly above the long-term average of EUR 4.2 billion.

In this context, German insurers are appealing to politicians not to neglect prevention and adaptation to the effects of climate change. "We have to adapt to the consequences of climate change with more and more weather extremes. The adaptation of building law, less land sealing and a construction freeze in flood plains must be implemented quickly," Joerg Asmussen, GDV’s Managing Director stated in a recent post on the association’s website.