Factbox: Western German floods could prove pricey for insurers

MUNICH (Reuters) – The devastating floods in western Germany this week could become one of the most expensive natural catastrophes in the country in the past 20 years, past industry data shows.

German insurance industry association GDV plans to give its first estimate of the damage next week. The overall damage could be considerably higher than the insured damage as the industry says only around 45% of buildings are insured against floods and heavy rain.

Here is a rundown of the most expensive natural catastrophes in Germany since 2002 (insured damage in property and casualty as well as auto insurance):

Event Date insured damage*

August floods, among August 2002 4.5 bln euros

other at the Oder

river

Storm Kyrill January 2007 3.4 bln euros

Hailstorms Andreas July 2013 3.1 bln euros

and Bernd

June floods, among June 2013 2.1 bln euros

other in Bavaria and

Saxony

Hailstorms, June 2021 1.7 bln euros**

particularly in

southern Germany

Storm Jeanett October 2002 1.4 bln euros

Hailstorm Hilal May 2008 1.3 bln euros

Storm Friederike January 2018 1.15 bln euros

* in 2019 prices

** according to preliminary estimates

And here is a rundown of the most expensive natural catastrophe years since 1973 (insured damage in property and casualty as well as auto insurance):

Year Damage* Major natcat events

1990 11.1 bln euros Storms Vivian and

Wiebke

2002 10.9 bln euros Floods at the Oder

river

2013 9.3 bln euros Hail, June floods

1984 8.0 bln euros Hail in Munich

1976 6.5 bln euros Storm surge at the

North Sea and the

Elbe river

2007 6.2 bln euros Storm Kyrill

* in 2019 prices

Source: German insurance industry association GDV