August 2023 natural disasters prove costly for German insurers

The Association of German Insurers (GDV) has reported that insured losses caused by a series of natural disasters that occurred during the month of August 2023 amounted to 1.5 billion EUR (1.6 billion USD).

More than half of this amount (63.3%) concerns damage to homes, property, commercial and industrial businesses. Motor claims totaled 550 million EUR (584 million USD), or 36.7% of the total amount.

The violent storms, accompanied by thunderstorms and hail, which hit southern Germany between 24 and 30 August alone have cost local insurance companies 900 million EUR (955.7 million USD).