Damage claims faced by German insurers for hail storms this year are almost twice the amount expected at 2.7 billion euros, a trade group said on Tuesday of a figure which will eat into sector profitability.
Reinsurer Munich Re last month estimated the industry-wide hit at 1.5 billion euros, of which its share was 180 million euros, including 160 million from reinsurance.
“Two factors contributed to this immense volume of damage: the unusually large size of the hail stones and the movement of the hail storms through a densely populated area,” GDV (Berlin-based German Insurance Association) said in a statement.
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