Losses
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Early indications point to a loss quantum of $1.4bn but insurers’ portfolios are well diversified.
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The insurer follows Allianz in reporting a loss that implies reinsurance has been triggered.
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The national insurance association has added Bavaria and Saxony to its tally.
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Nissan was forced to halt production, but SAIC’s car-making facility and Hon Hai Precision’s iPhone factory are not thought to have been seriously affected.
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The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
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The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
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The severe flooding has the potential to change the outcome of 2022 renewals after muted European cat rate increases this year.
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The storm was the earliest named E storm, forming nearly six weeks earlier than average.
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The loss was subject to claims inflation due to building supply and labour challenges.
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Despite the quake, 2021 has been a benign year for cats so far, the data compiler said.
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The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.
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The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally.