Insurance: Year 2021: 1.4 billion euros in storm damage in the southwest

insurance
Year 2021: €1.4 billion in storm damage in the South West

storm damage

Firefighters set up bombs on a village street after heavy rain. Photo: Bodo Schackow/dpa-Zentralbild/dpa/archive picture

© dpa-infocom GmbH

With 1.4 billion euros of storm damage, the fourth highest amount of damage in a comparison of the federal states for 2021 is in Baden-Württemberg. This was announced by the General Association of the German Insurance Industry (GDV) in Berlin in its 2021 balance of natural risks. In Baden-Württemberg, statistically speaking, the damage caused by heavy rains and floods increased more than eight times in 2021 compared to the previous year.

With 1.4 billion euros of storm damage, the fourth highest amount of damage in a comparison of the federal states for 2021 is in Baden-Württemberg. This was announced by the General Association of the German Insurance Industry (GDV) in Berlin in its 2021 balance of natural risks. In Baden-Württemberg, statistically speaking, the damage caused by heavy rains and floods increased more than eight times in 2021 compared to the previous year.

The €1.4 billion is made up of €900 million from property insurers (damage to homes and household goods, commercial and industrial companies) and €500 million from motor vehicle insurers. “North Rhine-Westphalia was the leader in a comparison of the federal states with a damage amount of 5.5 billion euros, followed by Rhineland-Palatinate with 3 billion euros,” said GDV CEO Jörg Asmussen. The reason is the extreme weather event “Bernd”, which caused record damage, especially in North Rhine-Westphalia and Rhineland-Palatinate.

Across Germany, storm damage last year amounted to €12.7 billion. As reported by GDV, German insurers recorded their highest loss figures in their history in 2021. Property insurance accounted for the bulk of €11 billion, while motor vehicle insurance accounted for €1.7 billion.

According to the GDV, 2021 is the most expensive year of natural disasters for insurers – followed in 1990 with the series of hurricanes “Daria”, “Vivian” and “Wiebke” (11.5 billion euros) and in 2002 with the August flood and devastating storms (11,300 million euros). The long-term annual average is 3,800 million euros.

According to GDV statistics, houses in Baden-Württemberg are very well protected against all risks. While almost all residential buildings in the Southwest are protected from storms, hail, and natural hazards, only 50 percent on average across the country have comprehensive protection. Many homeowners are unaware of their individual threat from natural hazards.

To reduce damage in the future, the insurance industry is calling for a change of course, for example through clear construction bans in areas at risk of flooding and mandatory climate risk assessments for building permits.

dop

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