Insurance balance: How storm damage incr • Table.Briefings

Unwetterschäden im Saarland — Storms at Whitsun in Saarland, 2024: The German Insurance Association (GDV) expects around 200 million euros in insured losses.

Last year, storms caused insured damages worth billions of euros. Hail damage to vehicles led to high costs, especially because repair costs have increased. Insurers are now calling for a focus on climate adaptation instead of mandatory insurance.

Storms, hail and heavy rain caused insured damages amounting to 5.7 billion euros last year (2023). „This is 1.7 billion euros more than in 2022,“ stated Jörg Asmussen, CEO of the German Insurance Association (GDV), on Monday in Berlin. The main reason for this increase is „severe and costly hail damage to vehicles,“ exacerbated by rising costs of spare parts and repairs. The highest recorded damage was 13.9 billion euros in 2021, the year of the Ahr Valley floods.

Insurance balance: How storm damage increased in 2023

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