GDV reports €1.5bn of insured natural disaster losses in August

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The German Insurance Association (GDV) has reported that damage caused by storms, hail, lightning, and floods in August total €1.5 billion, driven by the severe storms at the end of the month.

Thunderstorm imageJörg Asmussen, Managing Director of the GDV, explained that the association is “currently assuming insured losses totalling a good €900 million” for the late August storms.

Adding that for the entire month, “the damage caused by storms, hail, lightning and floods totals €1.5 billion.”

These totals include damage to houses, household goods, and commercial and industrial businesses in excess of €550 million for the series of storms at the end of August, and €950 million for the entire month. Motor vehicle insurance claims amounted to €350 million and €550 million, respectively.

Storms and hailstorms caused serious damage from August 24th to 30th, especially in Bavaria, notes the GDV.

The depression known as Denis was centred in the southern Bavarian towns of Bad Bayersoien and Benediktbeuern. Unusually large hail, up to ten centimetres in diameter, fell there on August 26th.

GDV reported insured natural catastrophe losses of €1.9 billion for H1 2023, which is below the average of previous years. In 2022, claims expenditure was €4.3 billion, slightly above the long-term average of €4.2 billion.

So, while losses in August were elevated and just €400 million less than the first half year total for the GDV, it has been a slow start to the year.

Asmussen added: “We have to prepare for the climate consequences with more and more extreme weather events. The adjustment of building law, less surface sealing and a halt to construction in flood areas must be implemented quickly.”

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