Hailstorms: high loss experience in France

HailstormsOn 5 and 6 June, 2022, France recorded significant thunderstorm activity. Several departments were affected by hail and heavy rainfall. Insured losses were high in the motor, property damage and natural disasters activities.

Following the storm, the first report from Covéa, France's leading property insurer, listed 240 000 claims. The cost of damages is in the range of 650 and 850 million EUR (694.32 and 907.96 million USD).

The risk prevention and management consultancy Saretec confirmed the extent of the damage. On the other hand, the provisional balance sheet published by Macif reports 20 000 claims.

Agricultural areas, which are poorly insured, have also sustained significant damage. In order to better cover crops, a universal insurance system will be set as of 1 January 2023.

As a reminder, the natural disasters of 2020 cost the French insurance market 3.1 billion EUR (3.8 billion USD).

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