Severe storms in France to drive almost EUR 1.3bn insured losses

Share

A spate of severe weather, thunderstorms, hail and other convective effects are set to drive insurance and reinsurance market losses of close to EUR 1.3 billion, according to the French insurers association.

Hail stonesFrance Assurers said that the storms came in two waves, one in late May and one in early June, with tennis ball sized hail and strong winds, as well as rainfall, all causing numerous insurance claims to be filed for damage to property, crops and automobiles.

Approximately 258,000 claims have been lodged from the severe weather outbreak between June 2nd and 5th, largely from hailstorms that affected a wide area of France.

That one severe weather outbreak is estimated to have caused insurance claims worth EUR 940 million, so almost US $1 billion.

A further spate of severe weather, again thunderstorms, hail and rainfall, struck France between May 20th and 23rd, causing a further EUR 323 million of insured losses.

A state of natural disaster has been recognised for some regions, but the storms affected roughly two-thirds of France, it is reported.

For the June severe weather outbreak, it is estimated that EUR 410 million of the loss will be for damage to homes, so 44% and EUR 370 million for cars. In addition, EUR 90 million of claims for professional goods and EUR 70 million of claims for agricultural goods and crops are anticipated.

Florence Lustman, President of France Assureurs commented, “These two meteorological episodes which crossed France had dramatic consequences for many of our fellow citizens. Insurers are fully committed on the ground to their policyholders in order to support them in the face of the consequences of these bad weather.”

———————————————————————
Artemis London 2022 - Insurance-linked securities conference in LondonRegister to attend Artemis London 2022, our first ILS conference in London. Sept 6th, 2022.

Tickets are now on sale.

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.