Recent storms in France to drive nearly EUR 4bn insured losses

Share

The French association of insurers has said that a series of storm systems that struck the country since late May have caused close to EUR 4 billion of insurance market losses, with nearly a million claims filed.

Hail stonesFrance was hit by severe thunderstorms and convective weather, with heavy rain and hail drivers of loss.

At close to EUR 4 billion these losses may be significant enough to affect some reinsurance arrangements, we understand.

The largest share of the loss comes from a period of stormy weather between June 18th and July 4th, when many French regions were hit by hailstorms, thunderstorms, strong winds, rain, floods and lightning, causing 624,000 insurance claims at an estimated cost of EUR 2 .4 billion, France Assurers said.

Storms at the end of May and early June caused another 355,000 insurance claims to be filed, for a total cost of nearly EUR 1.5 billion.

The association breaks down the claims from the June 18th to July 4th storms as:

– 267,000 damaged homes at a cost of 1.07 billion euros, or 44%;
– 337,000 cars damaged at a cost of 1.08 billion euros, or 45%;
– 16,000 professional assets damaged at a cost of 190 million euros, or 8%;
– 4,000 agricultural goods struck at a cost of 80 million euros, or 3%.

The hailstorms were seen as “exceptional in both intensity and extent.”

Florence Lustman, President of France Assureurs, commented, “The last particularly intense bad weather reminds us that these disasters are above all human tragedies. As essential players in the protection of populations and property, insurers are more than ever committed to supporting French disaster victims. Convinced of the climate emergency, France Assureurs formulated concrete proposals at the beginning of the year to strengthen, in particular through prevention, the protection of our fellow citizens against such climatic hazards.”

———————————————————————
Artemis London 2022 - Insurance-linked securities conference in LondonTickets are selling fast for Artemis London 2022, our first ILS conference in London. Sept 6th, 2022.

Register soon to ensure you can attend.

Secure your place at the event here!
—————————————

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.