Swiss Re said it estimates industry wide insured losses from the hail storms in northern and Southern Germany in July will be between $2.0 and $2.7 billion, while it’s estimating its own claims burden to be approximately $240 million.
The bulletin explained that “unusually strong hail storms throughout Germany in July of this year caused significant hail losses in the country. A first hail storm affected the areas around Hannover and Wolfsburg on 27 July.
“One day later, another hail storm hit southern Germany, causing major damage around the cities of Rottenburg, Tuebingen und Reutlingen. It is expected that these hail storms will generate approximately $240 million in claims for Swiss Re, net of retrocession and before tax.”
Matthias Weber, Swiss Re’s Group Chief Underwriting Officer, said: “The two hail tracks with golf-ball sized hail stones massively damaged roofs, smashed windows and destroyed solar panels and other installations. Supporting insurers and policy holders in times of natural catastrophes like this is the continuation of what Swiss Re has been doing successfully for the past 150 years.”
Source: Swiss Re