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Devastating storms in Germany cost insurers 1.7 bln euros in June

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BERLIN, July 8 (Xinhua) — Last month’s series of severe storms in Germany caused 1.7 billion euros (around 2 billion U.S. dollars) in insured damages and were among the most devastating in history, according to preliminary estimates published by the German Insurance Association (GDV) on Thursday.

“Once again, it has become clear just how much damage hail and heavy rain can cause within a very short time,” said GDV Chairman of the Management Board Joerg Asmussen, who expected the “frequency and intensity of such events” to increase in the future.

At one billion euros, property insurers for damaged houses, household goods, commercial and industrial businesses incurred the largest share of insurance payments, according to the GDV. With damages amounting to 700 million euros, motor insurers were also hit particularly hard.

As not all homes in Germany were fully insured, actual damages were even higher, the GDV noted. Only 46 percent of residential buildings in Germany were covered against natural hazards beyond storms and hail, such as heavy rain and floods.

To raise German homeowners’ awareness of the risk posed by natural disasters, GDV set up an online platform that provided information on what damage severe weather caused at specific areas in the past, the association said. (1 euro = 1.19 U.S. dollars)

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