Recent French storms reportedly cost re/insurers 3.9 billion euros

The bad weather that has hit France since the end of May has generated nearly a million claims for which insurers will pay compensation estimated at 3.9 billion euros, according to a French insurance federation.

France Assuseurs, which brings together 247 insurance companies representing 99% of the insurance market, reports that more than half of the total loss was caused by bad weather between June 18e and 4th of Julye.

This included hailstorms and thunderstorms, gusty winds and lightning which resulted in 624,000 claims and 2.4 billion euros in estimated insurance costs.

Similar events also occurred at the end of May and then during the Pentecost weekend, generating 355,000 additional claims for a total cost of nearly 1.5 billion euros.

Breaking down the weather numbers between June 18e and 4th of JulyeFrance Assuseurs reports that 267,000 homes were damaged at a cost of €1.07 billion, 337,000 cars at a cost of €1.08 billion, 16,000 professional goods for €190 million and 4,000 agricultural goods hit for €80 million. €.

Tremor - The Modern Way to Place Reinsurance

They are added to those already occurring from May 20 to 23 and then between June 2 and 5, which had caused 355,000 claims for a cost estimated today at nearly 1.5 billion euros.

“The latest particularly intense bad weather reminds us that these disasters are above all human tragedies,” said Florence Lustman, President of France Assureurs.

“Key players in the protection of populations and property, insurers are more than ever committed to serving French disaster victims. Convinced of the climate emergency, France Assureurs formulated concrete proposals at the beginning of the year to strengthen, in particular through prevention, the protection of our fellow citizens in the face of such climatic hazards.

Printable, PDF and email version