Financial expert warns: Destruction from hailstorms is increasing - effects of climate change on the insurance industry.

Financial expert warns: Destruction from hailstorms is increasing - effects of climate change on the insurance industry.

According to a report by www.t-online.de, hail is a side effect of thunderstorms that causes increasing destructiveness. An extraordinary hailstorm that hit Upper Bavaria and parts of Swabia in the summer caused enormous destruction in three communities on the edge of the Alps. This led to an exceptionally high number of claims reported by insurance companies. The geoscientists at the reinsurer Munich Re assume that the increase in larger hailstones is linked to climate change.

The extraordinary hailstorm caused damage amounting to 290 million euros to Allianz and an estimated 230 million euros to the Bavarian Insurance Chamber. These extraordinary events show that hail events can cause significant damage and that this damage could be related to climate change. According to insurance data, the annual claims expenditure after storms and hail last year fluctuated around three billion euros. These numbers highlight the potential impact of hail damage on the market and the insurance industry.

Munich Re reports that climate change can promote severe weather conditions, which have the potential for the formation of severe hailstorms. This indicates that the future impacts of hail events could be exacerbated due to climate change. Such events highlight the importance of adequate insurance and precautions, as uninsured individuals may face ruin if struck by hail damage.

Overall, the data shows that the increase in larger hailstones and the increasing destructiveness of hailstorms can have a significant impact on both the market and consumers. It is important that the insurance industry takes appropriate measures to prepare for these changes and provide consumers with adequate protection.