Storms in Germany cause insured damages worth $2bn

Berlin, July 9 A series of devastating storms that hit Germany last month caused insured damages worth 1.7 billion euros ($2 billion), according to preliminary estimates.

The estimates published by the German Insurance Association (GDV) on Thursday revealed that at 1 billion euros, property insurers for damaged houses, household goods, commercial and industrial businesses incurred the largest share of insurance payments, reports Xinhua news agency.

With damages amounting to 700 million euros, motor insurers were also hit particularly hard.

As not all homes in Germany were fully insured, actual damages were even higher, the GDV noted.

Only 46 per cent of residential buildings in Germany were covered against natural hazards beyond storms and hail, such as heavy rain and floods.

"Once again, it has become clear just how much damage hail and heavy rain can cause within a very short time," said GDV Chairman of the Management Board Joerg Asmussen, who expected the "frequency and intensity of such events" to increase in the future.

To raise German homeowners' awareness of the risk posed by natural disasters, the GDV set up an online platform that provided information on what damage severe weather caused at specific areas in the past.