Storm Herwart causes 2017 record losses in Germany

Storm Herwart has caused insured losses of €250 million to German insurers, according to actuarial consultancy firm Meyerthole Siems Kohlruss.

Herwart, which crossed Germany over the weekend of Oct. 28/29 with record 2017 wind speeds was the fourth storm in in the year in Germany causing losses to its insurance industry. Herwar was also, so far, the costliest of the 2017 storms.

Total nat cat losses in German have reached more than €1 billion in 2017 so far while the winter storm season has just started, general manager of the consultancy, Onnen Siems, noted.

German insurers are unlikely to benefit from reinsurance as the individual events are mostly below cat cover limits, Siems added.

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