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Floods, Storms, Severe Weather: Record 2021 Losses for Natural Catastrophe Insurers
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City view in the Ahrweiler district the day after the heavy storm with flooding (archive). At least six houses were destroyed by the floods.
© Source: Thomas Frey/dpa
Sedan. Disasters due to floods, storms and bad weather: Insurance companies in Germany have never paid out such high losses as this year. “With insured losses to houses, household goods, businesses and motor vehicles of around €12.5 billion, 2021 is the most expensive natural disaster year since statistics began in the early 1970s,” said Jörg Asmussen, General Manager of the German Insurance Association (GDV). ). on Monday with.
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According to the GDV, much of the total amount of €8.2 billion can be traced back to the devastating flash flood in July, which mainly affected Rhineland-Palatinate and North Rhine-Westphalia. “Of this, around €7.7 billion is attributable to residential buildings, household goods and businesses and around €450 million to motor vehicle damage,” he said. Strong hailstorms in June caused millions of dollars in damage, especially to vehicles.
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2021 was particularly expensive for general insurance
The year 2021 is also considered one of the most expensive for general insurance in the world. As of mid-December, the Swiss Re insurance group had estimated global damage from natural disasters at US$105 billion (€93 billion). This is 17 percent more than in 2020 and the fourth highest value since records began in 1970.
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By far the costliest event was Hurricane “Ida” in the US: according to Swiss Re, the destruction is likely to cost the insurance industry between $30 billion and $32 billion, partly as a result of floods in New York.
RND/dpa