Hannover Re expects 64 million euro loss from July hail in Germany

Hannover Re said this week it expects a net loss of around 64 million euros from July’s hailstorm Andreas.

The market loss from the series of severe hailstorms that hit Germany in July is estimated at about 2.5 billion euros, although “relative to its market share, the impact on the company was therefore disproportionately slight,” Hannover Re said.

Catastrophe modelling firm AIR Worldwide said in August that approximately 100,000 buildings and 50,000 automobiles were damaged by hail from two events in July.

Building damage was mostly from broken windows and roller shutters, broken roofs tiles, and perforated siding, the firm said.

SCOR Global P&C’s own preliminary cost estimate was approximately 50 million euros for the series of hailstorms.