The low “Bernd” costs insurance companies dearly. With the damage in Bavaria and Saxony, the bill is now even higher.
According to the latest estimates, the flood disaster in Germany is likely to cost insurance companies in Germany between 4.5 and 5.5 billion euros.
Almost two thirds of the damage occurred in Rhineland-Palatinate, almost a third in North Rhine-Westphalia and the remaining five to ten percent in Bavaria and Saxony, announced the Association of the German Insurance Industry (GDV).
In the meantime, the association has recorded a large part of the damage caused by the low pressure area “Bernd” from 13 to 18 July 2021. “We are now assuming insured damage between 4.5 billion and 5.5 billion euros,” said General Manager Jörg Asmussen in Berlin.
“According to the updated damage estimate, around 40,000 vehicles were damaged or destroyed by the floods.” The damage with motor insurers amounts to around 200 million euros, with transport insurers 100 million, and various large insured losses each cost double-digit million amounts.
Allianz insurance alone expects damage payments of half a billion euros to its private and corporate customers. There are now around 10,000 claims reports on damaged houses and household effects and around 3,000 claims reports on damaged vehicles. But that should increase significantly in the next few days, said board member Jochen Haug in Unterföhring.
“Our current forecast is based on a total of over 30,000 property damage and over 5,000 vehicle damage with a damage volume of over 500 million euros.” Allianz later forwards part of the invoice to its reinsurance companies.
There are currently around 230 experts for the alliance in the severely affected areas. Around 100 emergency generators and 1000 drying devices were brought to the site for the insured and 250 drying companies were commissioned. In order to make necessary purchases for daily needs possible immediately, advances of up to 10,000 euros would be paid out to customers.
According to the GDV, heavy rain and hail had already caused insured damage of 1.7 billion euros in June. “Overall, this year with storms, floods, heavy rain and hail should be the most damaging year since 2002,” said Asmussen. At that time, the insured storm damage was 10.9 billion euros.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
