Central Europe expects some EUR 300 million insured losses after the Herwart storm

Daniela Ghetu, 1asig.ro, vom 2. November 2017

At least 8 killed and insured losses probably exceeding EUR 300 million is the bill left by Herwart, a strong and fast-running storm front which hit mainly Germany, Poland, Hungary and Czech Republic on Sunday 29 October.

In Germany, the overall insured loss is estimated at about EUR 250 million. "According to our calculations, Sturm Herwart brings insured property damage of EUR 250 million to German insurers," explained Onnen Siems, CEO of actuarial firm Meyerthole Siems Kohlruss (MSK).

In the Czech Rep., insurance companies have already been reported, in less than 3 days, almost 18,000 insured events worth about CZK 400 million (~EUR 16 million), but insurers are expecting this figures to further increase to about 30,000 insured events and a total of the insured losses in the vicinity of CZK 900 million (~EUR 33 million).

For the time being, as at 31 October, according to data published by the local press, the losses already documented by the main insurers were as follows:

  • Ceska pojistovna: 5,200 insured events / CZK 130 million - expects about the number of insured events to increase up to 15,000
  • Kooperativa pojistovna: 3,450 insured events / CZK 146 million
  • Allianz pojistovna: 4,300 insured events / dozens of millions of CZK.
  • Ceska podnikatelska pojistovna: 800 insured events / CZK 60 million
  • CSOB Pojistovne: 2,500 damages, some 50% up, as of October 30.
  • Generali Pojistovna: 920 insured events / CZK 30 million - expects about the number of insured events to increase up to 2,000
  • UNIQA pojistovna: 450 insured events / CZK 22 million - expects about the number of insured events to increase up to 1,500-2,000, worth CZK 100 million.

In Hungary, until Monday insurers have already gathered about 3,200 insured events reports. The estimated amount of damages exceeds HUF 300 million (about EUR 1 million) - said the Hungarian Association of Insurers (MABISZ) -, and will continue to increase.

On Sunday 29 October 2017 the storm front Herwart was active in Southern Denmark, Germany, Poland, Hungary and Czech Republic. In Denmark the storm was named Ingolf, while in Hungary it got the name Narcisz (Narcissus).