Verisk Estimates Industry Insured Losses from Flooding in Southern Germany to Range from EUR 2.4 Billion to EUR 3.6 Billion (USD 2.6 Billion to USD 3.9 Billion)
June 19 2024 - 2:17AM
The Extreme Event Solutions business unit of Verisk (Nasdaq: VRSK),
a leading global data analytics and technology provider, estimates
industry insured losses from flooding in Southern Germany from May
15 to June 5 will range from EUR 2.4 billion (USD 2.6 billion) to
EUR 3.6 billion (USD 3.9 billion).
Between Friday, May 31 at noon CET and Monday, June 3 at noon
CET, 120 to 160 liters of rain fell per square meter across
southern Germany, which is more than what usually falls in a month,
according to Sebastian Altnau, a meteorologist with the German
Weather Office.
The main flooding occurred along parts of the upper Danube
River, as well as several of the Danube's southern tributaries,
with the worst impacts in Germany in Bavaria and
Baden-Württemberg. Flooding submerged streets, highways, homes,
and businesses. A dam on the Paar River broke in two places in the
Bavarian district of Pfaffenhofen an der Ilm, severely flooding
surrounding areas and requiring hundreds to evacuate their homes in
nearby Baar-Ebenhausen. A dyke and a dam also broke in Diedorf.
Elsewhere in Bavaria, the Schmutter, Cham, Paar, Ilm, Danube and
Isar Rivers all reached above the level 4 (highest) warning levels
in several locations. In Baden-Württemberg, homes and businesses
were also flooded, and an estimated 95,000 hectares of farmland
were inundated.
According to the German Insurance Association (GDV), nearly half
of all structures in Bavaria are insured for flood, while in
Baden-Württemberg that figure exceeds 90 percent, as flood
protection was a compulsory part of property insurance in that
state until 1994.
Included in the industry insured loss estimate is insured
physical damage to property (residential, commercial, industrial,
auto, agriculture), both structures and their contents, from both
on- and off-floodplain flooding. Also included are additional
living expenses (ALE) for residential claims and business
interruption (BI) for commercial claims.
Verisk’s loss estimates do not include:
- Losses outside of Germany
- Losses to uninsured properties
- Losses to infrastructure
- Losses from extra-contractual obligations
- Losses from hazardous waste cleanup, vandalism, or civil
commotion, whether directly or indirectly caused by the event
- Demand surge
- Other non-modeled losses
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About Verisk Verisk (Nasdaq: VRSK) is a
leading strategic data analytics and technology partner to the
global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes,
combat fraud and make informed decisions about global risks,
including climate change, extreme events, ESG and political issues.
Through advanced data analytics, software, scientific research and
deep industry knowledge, Verisk helps build global resilience for
individuals, communities and businesses. With teams across more
than 20 countries, Verisk consistently earns certification
by Great Place to Work and fosters an inclusive
culture where all team members feel they belong. For more,
visit Verisk.com and the Verisk Newsroom.
Contacts: Mary
Keller Verisk 339-832-7048mary.keller@verisk.com
Media contact:
Mary Keller
Verisk
339-832-7048
mary.keller@verisk.com
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