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German insurers expect up to $6.5 billion in storm claims

German insurers expect up to $6.5 billion in storm claims
German insurers expect up to $6.5 billion in storm claims   -   Copyright  Thomson Reuters 2021
By Reuters

MUNICH – German insurance industry association GDV estimates that there will be up to 5.5 billion euros ($6.5 billion) in claims from storms that brought catastrophic flooding to parts of the country this month.

The revised estimate of between 4.5 billion and 5.5 billion euros is up from an initial estimate last week of 4 billion to 5 billion euros.

Allianz, Germany’s biggest insurer, gave its first damages estimate on Tuesday, saying it expects claims of more than 500 million euros from storm Bernd.

The flooding stretched from an area close to the western city of Cologne down to southern Bavaria, causing houses to collapse, stranding residents on rooftops and sweeping away cars. At least 180 people were killed.

This year is on course to be the most expensive year for insurers in Germany since 2002, when various storms caused 10.9 billion euros in claims, GDV said.

About 40,000 vehicles were damaged or destroyed in the recent storms, it added.

Allianz said it had already received claims for about 10,000 homes and 3,000 vehicles and expects the figures to rise to 30,000 and 5,000 respectively.

The company said it had 230 claims experts in the affected areas to assess damage.

($1 = 0.8469 euros)