German storms will cost industry up to $2.7bn – Swiss Re

Swiss Re has estimated industry losses of between $2bn and $2.7bn from the hailstorms in Germany in late July.

The figure is more than double initial estimates of the damage shortly after the storms hit the north and south of Germany. The Swiss reinsurer said it expected to pay out $240m (£150m) in claims.

Munich Re forecast in August that industry-wide damage claims for insurers would be about €600m ($811m), but raised the estimate earlier this month to €1.5bn ($2bn).

Munich Re said it expects damage claims of around €180m, including €160m in its reinsurance segment.

Swiss Re’s group chief underwriting officer Matthias Weber said: “The two hail tracks with golf-ball sized hailstones massively damaged roofs, smashed windows and destroyed solar panels and other installations. Supporting insurers and policyholders in times of natural catastrophes like this is the continuation of what Swiss Re has been doing successfully for the past 150 years.”