Heavy bill for German insurers after the natural catastrophes of May

The association of German insurers (GDV) has revealed that heavy rains and flooding that have followed between late May and early June caused major damage.

The total amount of losses caused by these events is estimated at 1.4 billion USD with nearly 1.13 billion USD of losses arising from fire policies (residential, commercial and industrial risks). The rest of the damage is attributed to losses in the motor industry.

In Germany, 40% of homes are covered against basic risks including flooding. Never before had storms been so costly for the insurance sector.
In 2015, non-life insurers paid 2.2 billion USD in respect of natural disasters losses.

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• The natural catastrophes of May would cost the insurance industry 7 billion USD