Swiss Re estimates losses from recent hail storms in Germany at approximately USD 240 million
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- Swiss Re estimates its claims burden from hail storms in Germany in July to be approximately USD 240 million, net of retrocession and before tax
- Swiss Re estimates industry-wide insured losses between USD 2.0 and 2.7 billion
Hail storms in northern and southern Germany in July will generate a claims burden of approximately USD 240 million for Swiss Re.
Unusually strong hail storms throughout Germany in July of this year caused significant hail losses in the country. A first hail storm affected the areas around Hannover and Wolfsburg on 27 July. One day later, another hail storm hit southern Germany, causing major damage around the cities of Rottenburg, Tuebingen und Reutlingen. It is expected that these hail storms will generate approximately USD 240 million in claims for Swiss Re, net of retrocession and before tax. The total losses for the insurance industry are estimated between USD 2.0 and 2.7 billion.
Matthias Weber, Swiss Re's Group Chief Underwriting Officer, says: "The two hail tracks with golf-ball sized hail stones massively damaged roofs, smashed windows and destroyed solar panels and other installations. Supporting insurers and policy holders in times of natural catastrophes like this is the continuation of what Swiss Re has been doing successfully for the past 150 years."
Notes to Editors
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.
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- changing levels of competition; and
- operational factors, including the efficacy of risk management and other internal procedures in managing the foregoing risks.
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