Natural disasters: heavy costs for German insurers in 2021

According to the German Insurance Association (GDV), the insured losses caused by natural disasters amount to 12.5 billion EUR (14.15 billion USD) in 2021.

The cost of the damage caused by the July floods alone amounts to 8.2 billion EUR (9.3 billion USD).

These losses make 2021 the most expensive year in terms of natural catastrophes for the German market since 1970.

Following these floods, discussions on compulsory natural catastrophe insurance and building restrictions in flood-prone areas have been initiated.