A series of hailstorms that raked Germany in July could result in insured damages of about €1 billion ($1.33 billion), Scor S.A. said Monday.
The French reinsurer said its costs from the storms would be approximately €50 million ($66.5 million) after retrocession and reinstatements and before tax.
The hailstorms came after June flooding in Germany that caused an estimated $2.60 billion in insured damage.
Scor said that the most significant of the storms — Andreas — cost it about €34 million ($45.2 million).
Scor said the summer hailstorms appeared to be the most expensive German hail losses in years, surpassing a 1984 Munich storm that cost the industry about euro;1 billion on an inflation adjusted basis.
“Due to the timing of these events during the holiday season for both insureds and cedants, adjusted loss information has taken longer than usual to emerge,” said Scor in a statement. “Scor currently expects the industry's insured losses for the series of hailstorms to be in the region of €3 billion ($3.99 billion), although this estimate is still preliminary.”
"While these storms will likely add a further dynamic for the German market renewals at Jan. 1, we see this cost as being within Scor's expectations in terms of our share of the industry loss and our robust representation of frequency perils in Europe from a planning and capital modeling perspective," said Victor Peignet, CEO of Scor Global P&C, in the statement.