Germany braced for record nat cat losses as H1 bill totals almost €4bn
Full-year losses will be above average and could top €7bn
Insured losses from natural catastrophes in Germany totalled €3.9bn in the first half of 2024, just €1bn shy of the full-year cost from extreme weather events in 2023, according to German insurance association GDV. Insurers now fear the full-year bill for 2024 could reach at least €7bn, the association said.
“Based on the losses so far, we assume that the natural hazard balance in 2024 will be above average overall,” said Jörg Asmussen, general manager of the GDV. “If there are severe autumn and winter storms, the total losses could be even higher.”
Two flooding events elevated insured losses in the first half of this year, with €2.7bn of insured damage caused by floods and heavy rain, the GDV said, while €800m of property damage was caused by storm and hail and €400m in damages to vehicles.
Flooding in southern Germany in June is estimated to cost insurers €2bn alone, the GDV said.
Last year, insured losses from extreme weather totalled €4.9bn in line with the long term average, but the GDV said 2024 is running above the average trend.
Publishing the figures, the GDV renewed its call for additional measures to boost resilience to the effects of climate change.
“We need uniform national guidelines on how and where construction is permitted in risk areas. It is incomprehensible that there has not yet been a consistent construction ban in flood areas,” Asmussen said. He added that without prevention measures, the country risked a “spiral” of ever more damage and higher insurance premiums.
The GDV said only about half of properties in Germany have comprehensive cover against all natural hazards.
