Last week the German insurance trade body, GDV, announced that natural disasters of 2013 in Germany, including the June floods, will likely cost around 7 billion euros (around $9.7 billion US).
GDV represents some of the big names in the German insurance industry, including Muich Re and Allianz and over 400 other insurance companies.
Adjusting for inflation, costs and damages for 2013 were the highest seen in the insurance industry since 2002, which also saw severe flooding across many parts of Germany. The floods of June 2013 will cost the German insurance industry around 1.3 billion euros, according to GDV. Damage from hailstorms during 2013 will cost over twice that. Motor and vehicle insurance costs related to severe weather will be around 1.5 billion euros.
Amongst all the costs and figures, and the comparisons to 2002, GDV also said it expects even tougher times for insurers in the future. In particular it said that the German insurance industry expects storm-related damage to increase by 50% and flood frequency to double by 2100.
Source: GDV
