Natural hazards in Germany cost insurers 1.5 bln euros in H1

Natural hazards cost German insurers almost 1.5 billion euros (1.79 billion U.S. dollars) in the first half of the year (H1), the German Insurance Association (GDV) announced on Monday.

Damage to houses, household contents, and commercial and industrial companies caused most insurance claims, which stood at 1.2 billion euros. A further 250 million euros were incurred by motor insurance, according to the GDV.

“So far, 2020 is rather a below-average claims year. It is noticeable that motorists, in general, have been spared from storms with major hail damage,” said Jorg Asmussen, a member of the GDV management board.

The “most expensive loss event” in the first six months in Germany was the storm Sabine (in February), which cost 675 million euros, noted the GDV.

However, the GDV noted that more than half of homeowners in Germany were not insured against natural hazards. “The actual damage caused, especially by heavy rain, is therefore likely to be higher than the insured damage,” stressed the GDV.(1 euro = 1.19 U.S. dollars)