Factbox-German floods could prove expensive for insurers

Thursday, July 22, 2021
Factbox-German floods could prove expensive for insurers © Reuters. FILE PHOTO: Debris are seen in an area affected by floods caused by heavy rainfalls in Schuld, Germany, July 20, 2021. REUTERS/Thilo Schmuelgen/File Photo

MUNICH (Reuters) - Devastating floods in Germany last week could become one of the most expensive natural catastrophes in the country in the past 20 years, past industry data shows.

German insurance industry association GDV said on Wednesday that insured losses from floods in the western German states of North Rhine-Westphalia and Rhineland-Palatinate may total 4 billion to 5 billion euros ($4.7-5.9 billion).

Its estimate does not include losses from floods in the southern German state of Bavaria and in Saxony in the east last weekend, it said, adding that the destruction of local infrastructure had made it difficult to assess the damage.

Here is a rundown of the most expensive natural catastrophes in Germany since 2002 (insured damage in property and casualty hailstorm hilal as well as auto insurance):

Event Date insured damage*

August floods, August 2002 4.5 bln euros

including at the

Oder river

Storm Kyrill January 2007 3.4 bln euros

Hailstorms Andreas July 2013 3.1 bln euros

and Bernd

June floods, June 2013 2.1 bln euros

including in Bavaria

and Saxony

Hailstorms, June 2021 1.7 bln euros**

particularly in

southern Germany

Storm Jeanett October 2002 1.4 bln euros

Hailstorm Hilal May 2008 1.3 bln euros

Storm Friederike January 2018 1.15 bln euros

* in 2019 prices

** according to preliminary estimates

And here is a rundown of the most expensive natural catastrophe years since 1973 (insured damage in property and casualty as well as auto insurance):

Year Damage* Major natcat events

1990 11.1 bln euros Storms Vivian and

Wiebke

2002 10.9 bln euros Floods at the Oder

river

2013 9.3 bln euros Hail, June floods

1984 8.0 bln euros Hail in Munich

1976 6.5 bln euros Storm surge at the

North Sea and the

Elbe river

2007 6.2 bln euros Storm Kyrill

* in 2019 prices

Source: German insurance industry association GDV

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03-08-2021 09:04:21 (UTC+7)

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 EUR/USD1.1874↑ Buy
 GBP/USD1.3894Buy
 USD/JPY109.23↑ Sell
 AUD/USD0.7365↑ Sell
 USD/CAD1.2509↑ Buy
 EUR/JPY129.71↑ Sell
 EUR/CHF1.0748↑ Sell
 Gold1,815.75↑ Buy
 Silver25.407↑ Sell
 Copper4.4207↑ Sell
 Crude Oil WTI71.42↑ Sell
 Brent Oil72.98↑ Sell
 Natural Gas3.976↑ Buy
 US Coffee C172.95↑ Sell
 Euro Stoxx 504,116.62↑ Sell
 S&P 5004,387.11Sell
 DAX15,568.73↑ Sell
 FTSE 1007,081.72↑ Sell
 Hang Seng25,808.00↑ Sell
 Small Cap 20002,218.51Buy
 IBEX 358,758.70Neutral
 BASF66.305↑ Sell
 Bayer50.57↑ Sell
 Allianz194.20↑ Buy
 Adidas318.15↑ Buy
 Lufthansa9.531↑ Sell
 Siemens AG135.28Buy
 Deutsche Bank AG10.510↑ Sell
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