Germany sees 3 billion euros in cat nat losses in the first half: GDV

The German Insurance Association (GDV) said natural disasters caused damage of around 3 billion euros in the first half of 2022.

GDV Managing Director Jörg Asmussen said: “So far, 2022 has been an above-average claims year. The series of winter storms “Ylenia”, “Zeynep” and “Antonia” in February alone caused nearly 50% of the damage, or 1.4 billion euros. »

That makes the series of storms the third strongest since 2002, according to GDV.

It also notes that of the €3 billion in total damage, €2.5 billion relates to residential buildings, household goods and businesses. He adds that only around half of homeowners in Germany are insured against natural hazards.

Asmussen continues: “Climate change is progressing. We are currently on a trajectory which, at three degrees, is well above the 1.5 degree threshold of the Paris climate agreement.

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“By 2026, we could already exceed this threshold. Extreme weather events are increasing in frequency and intensity due to climate change.

In May this year, the “Emmelinde” tornado caused severe damage in Paderborn, Höxter and Lippstadt. Motor insurers also recorded slightly more claims than usual in the first half of the year at 500 million euros.

The GDV expects the long-term average damage from storms and hail for the first half of 2022 to be around 1 billion euros.

They also note that no significant damage was caused by flooding or heavy rain during the first half of the year.

This is well below the expected value, given that in 2021 the GDV estimated that around €9 billion in damage resulted from floods and heavy rains.

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