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Factbox-Western German Floods Could Prove Pricey for Insurers | World News

MUNICH (Reuters) – The devastating floods in western Germany this 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 plans to give its first estimate of the damage next week. The overall damage could be considerably higher than the insured damage as the industry says only around 45% of buildings are insured against floods and heavy rain.

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

August floods, among August 2002 4.5 bln euros

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Storm Kyrill January 2007 3.4 bln euros

Hailstorms Andreas July 2013 3.1 bln euros

June floods, among June 2013 2.1 bln euros

Hailstorms, June 2021 1.7 bln euros**

Storm Jeanett October 2002 1.4 bln euros

Hailstorm Hilal May 2008 1.3 bln euros

Storm Friederike January 2018 1.15 bln euros

** 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

2002 10.9 bln euros Floods at the Oder

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

2007 6.2 bln euros Storm Kyrill

Source: German insurance industry association GDV

(Reporting by Alexander Hübner; Writng by Maria Sheahan; editing by Philippa Fletcher)

Copyright 2021 Thomson Reuters.

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