Recent hail storms & flooding in France to cost re/insurers $500m+

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Storms that caused recent outbreaks of rainfall and hail, as well as flooding, in France are expected to result in losses to the insurance and reinsurance industry of over $500 million (EUR 430m) as more than 214,000 claims have been recorded.

The outbreaks of severe storms struck a large part of France during the period May 25th to June 14th, with damage largely caused by heavy rains, hail storms and the resulting flooding.

The French Federation of Insurance said that insurers have now registered 214,000 claims from the severe weather outbreaks, which it estimates will cost over $500 million.

The damage is largely to homes and commercial properties, as well as automobiles, although it was from more than just water and hail alone, as mudslides and electrical damage, as well as business interruption are all cited in reports about the inclement weather.

Additionally, some level of agricultural insurance losses are also expected, as intense hail storms destroyed vine yards in wine regions of France, and heavy rainfall inundated farms ruining crops such as barley, wheat and rapeseed.

Bernard Spitz, President of the FFA, remarked that the period of severe storms in May and June followed a bad start to the year in France that had been marked by storms and floods.

He also explained that re/insurers are working with the French government to modernise the country’s natural disaster regime, which is expected to help people recover after severe weather strikes.

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