FRANKFURT, July 2 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
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)