Storm forecast to hit $1.29 billion in insured losses in Germany

At least eight people reported to have died as part of the devastation

Storm forecast to hit $1.29 billion in insured losses in Germany

Insurance News

By Terry Gangcuangco

Following the winter storm which saw the suspension of rail traffic across Germany, experts have pegged insured losses from €500 million to as much as €800 million (SGD$807 million to SGD$1.29 billion).

A report by Deutsche Welle cited actuaries at insurance consulting firm Meyerthole Siems Kohlruss as estimating insured losses at around €800 million while the German Insurance Association’s more conservative forecast was at half a billion euros. Railway company Deutsche Bahn expects repair costs to run into millions.

“In large parts of Germany, neither air, nor car, nor rail transport was possible,” said Deutsche Bahn’s Berthold Huber, as quoted by the report. “The decision to put the safety of our passengers and staff above everything else was the right one.”

Train operations started to resume on Friday.

With winds of more than 200 kilometres per hour, Friederike led to the deaths of at least eight people in Germany and caused thousands of households to be without electricity. Meanwhile, clean-up activities have begun.

A previous storm, called Burglind, also significantly impacted the country – insured losses were at approximately €300 million, according to insurance broker Aon Benfield.

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