Germany: already EUR 1.5 billion paid out to insured persons after flood disaster in July

30 September 2021 — Daniela GHETU
Around two months after the flood disaster in the Ahr, Erft and other regions of Germany, the insurance industry has already paid about EUR 1.5 billion to insured persons, General Association of the German Insurance Industry (GDV) said.

"We have already paid more than a fifth of the amount of damage suffered by our customers, around EUR 1.5 billion," said the general manager of the German Insurance Association (GDV), J?rg Asmussen in Berlin. "Of this, a good one billion euros went to private households for damage to residential buildings, household items and motor vehicles, and just under half a billion euros to traders."

According to the GDV website, customers in North Rhine-Westphalia (NRW) received over EUR 0.9 billion, in Rhineland-Palatinate around EUR 500 million, while in other federal states insurers paid lower amounts of claims. The released data are based on the GDV statistics on the status of claims settlement and are related to the storm "Bernd", which from July 13th to 18th hit a large part of Germany. It is the most devastating natural disaster in Germany to date. The GDV is currently assuming 250,000 insured claims and claims expenditure of around EUR 7 billion.

"All over Germany, more than 16,000 employees of the insurers and insurance brokers were on duty to help the people in the floodplains," said Asmussen. There are also around 2,500 external workers, such as experts. "In such disasters, our work goes far beyond the mere assessment and regulation of damage. Insurers are often the first point of contact for people who are often traumatized."In addition to reimbursing customers for the losses caused by the storm, insurers also took upon them helping insureds to organize and manage the clean-up and renovation work.

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