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German storm claims to cost $240mn: Swiss Re

Swiss Re estimates its claims burden from hail storms in Germany in July to be around $240 million, net of retrocession and before tax

September 23, 2013 11:00 IST | India Infoline News Service
Swiss Re estimates industry-wide insured losses between $2 billion and 2.7 billion. Hail storms in northern and southern Germany in July will generate a claims burden of approximately $240 million for Swiss Re.

Unusually strong hail storms throughout Germany in July of this year caused significant hail losses in the country. A first hail storm affected the areas around Hannover and Wolfsburg on 27 July.

One day later, another hail storm hit southern Germany, causing major damage around the cities of Rottenburg, Tuebingen und Reutlingen. It is expected that these hail storms will generate approximately $240 million in claims for Swiss Re, net of retrocession and before tax. The total losses for the insurance industry are estimated between $2 billion and $2.7 billion.

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