Costs from winter storms: Insurers are assuming damage in the billions

The insurance industry is anticipating losses in the billions as a result of the recent winter storms.

"We are currently assuming insured losses of around 1.4 billion euros," said Jörg Asmussen, general manager of the German Insurance Association (GDV), on Friday.

The three storms "Ylenia", "Zeynep" and "Antonia", which the association evaluates as one event, rank third among the most severe winter storms in Germany since 2002.

The most expensive storm was "Kyrill" in 2007 with insured losses of 3.6 billion euros, followed by "Jeanette" in 2002 with 1.44 billion euros.

The insurance broker Aon even estimated the insured damage caused by "Ylenia", "Zeynep" and "Antonia" at 1.6 billion euros.

The three storms swept across parts of Germany from February 16 to 21 with wind speeds of up to 160 kilometers per hour and caused severe damage.

The north was particularly affected.

"Three heavy hurricane-like storms in such a short time have so far been rather rare in Germany," said GDV General Manager Asmussen.

Well over 90 percent of homeowners are insured against storm damage.