Germany

Germany’s insurance industry has introduced a proposed natural catastrophe reinsurance vehicle called Elementar Re, intended to serve as a backdrop for primary insurers facing increasing losses associated with climate risk.

Insurance industry losses from recent floods in Germany will likely reach the EUR 1 billion ($1.14 billion) point, according to Fitch Ratings. The losses may weaken the underwriting profitability of the sector and, on top of losses in France and other European countries, are likely to hit some reinsurance layers.

German insurance industry association the GDV has said today that it expects insurers will face at least $510m (EUR450m) of losses due to storm Elvira’s impacts which struck the country from the 27th to 30th May.

The trend of European and central European countries being hit by convective style severe weather, thunderstorms, rainfall and flooding continues in 2016, with Germany, France and the Czech Republic all suffering in recent days.

Demand for reinsurance coverage in Germany is expected to increase overall at the key January 1st 2016 treaty renewal season, with increased frequency of catastrophe events a key driver, according to leading reinsurer Hannover Re.

The world’s largest reinsurer Munich Re has provided the highest insurance industry loss estimate for European severe hail and wind storm Ela, which struck Germany, France and Belgium on 9th June, in an update on 2014 insured natural catastrophe losses.

Wind and hail storm Ela, which struck Europe on June 9th and 10th affecting large areas of France, Germany and neighbouring countries, now looks to have caused at least $2 billion of insurance industry losses.

Wind and hail storm Ela which caused approximately $900m of insured losses when it struck Germany on 9th – 10th June, is second most damaging summer storm seen in fifteen years according to the country’s insurance association.

MSI GuaranteedWeather and insurer HDI-Gerling have formally announced a recent partnership to offer weather risk management and weather insurance products to the German market. The strategic relationship with HD- Gerling is MSI GuaranteedWeather’s latest effort to grow their presence in the European weather risk market. HDI-Gerling, as part of the Talanx group of companies, which […]