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German insurers face $900 mln bill for June storm
July 2, 2014 / 10:16 AM / 3 years ago

German insurers face $900 mln bill for June storm

FRANKFURT, July 2 (Reuters) - German insurers are on the hook for about 650 million euros ($887 million) in damage claims from storm “Ela” in early June, which hit northwestern Germany especially hard, an industry body said on Wednesday.

Property insurers face around 350,000 claims from homes and businesses totalling 400 million euros, while car insurers have received 100,000 claims worth around 250 million euros, insurance association GDV said.

“Ela is the second most expensive storm to hit property insurers in the last 15 years,” GDV said, adding that Ela had been pipped by storm “Andreas,” which caused 1.9 billion euros in property claims in July last year.

The GDV does not give a breakdown of losses by insurer.

Germany’s biggest insurer, Allianz, and reinsurers Munich Re and Hannover Re have yet to publish their loss estimates for the storm.

German railway Deutsche Bahn alone faces a 60 million euro hit to its earnings from the storm, the Frankfurter Allgemeine Zeitung reported on Wednesday, citing a company internal document.

A joint study by the GDV and climate research institutes showed that storm damage could rise by more than 50 percent by 2100 as intense storms are expected to become more frequent.

$1 = 0.7331 Euros Reporting by Jonathan Gould; Editing by Mark Potter

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