The year 2021 will probably go down in history as the most expensive year of claims for insurers.
"The insured storm damage to houses, household effects, businesses and vehicles should amount to around 11.5 billion euros," said the general manager of the German Insurance Association (GDV), Jörg Asmussen, on Thursday.
There has not been such a high level of damage from natural disasters since records began around 50 years ago.
Similarly high damage occurred in 2002 and 1990.
For the devastating flood in mid-July alone, the insurance companies have calculated around 7 billion euros so far, as the GDV explained. Of this, around 6.5 billion euros went to residential buildings, household goods and businesses, and another half billion to motor vehicles. Storm "Bernd" caused severe flooding in Rhineland-Palatinate and North Rhine-Westphalia in July, killing more than 180 people.
Storms and hailstorms in the weeks leading up to the flood disaster had already resulted in insured damage amounting to 1.7 billion euros, said Asmussen. Motor insurers are not the only ones who have to be prepared for a year with above-average costs: “We expect the property / casualty sector as a whole to be in the red this year.” The last time this was in 2002 and 2013 was. However, the insurance companies are able to shoulder this. You are reinsured yourself and have sufficient capital.