The “Nadia” storm, which raged primarily in northern Germany, resulted in relatively low insured losses.
The damage caused by the storm “Nadia” will be limited for the insurers. The insurance broker Aon estimates that they have to pay around 150 million euros for the storm, the consultants at Meyerthole Siems Kohlruss (MSK) expect 100 million euros. That’s a lot less than insurers had to pay for the first big storm in January or February in previous years. “Sabine” cost her around 600 million euros in 2020, “Friederike” cost 800 million euros in 2018. Insurers even had to pay 2 billion euros for storm “Kyrill” in 2007. However, MSK points out that the damage caused by “Nadia” can continue to increase. “The current economic situation, with an inflation rate of more than five percent and double-digit building price increases, will result in significantly higher average losses than in the past,” warns Managing Director Onnen Siems. The shortage of craftsmen could also make itself felt. “If a repair is not implemented promptly, this can lead to even more expensive damage.” Not all damages are insured. For example, if the storm knocks off a roof or a tree falls on a car, the residential building or comprehensive insurance will cover it. Damage caused by storm surges like the one in Hamburg at the weekend, on the other hand, is usually not insured. The insurers themselves are still holding back. VGH and Provincial, both of which are strongly represented in the areas affected by “Nadia” on the North Sea and Baltic Sea, do not want to provide an estimate of the damage. FRKR