Billions in damage caused by natural hazards: Southern Germany severely affected!

Billions in damage caused by natural hazards: Southern Germany severely affected!

In 2024, Germany once again suffered massive damage from natural hazards, estimated at 5.7 billion euros in the insurance balance sheet. This roughly corresponds to the damage level in the previous year, 2023, which was also high at 5.6 billion euros. More than half of the damage occurred in Bavaria and Baden-Württemberg, where particularly severe flooding was recorded. According to estimates, only around half of the more than four billion euros in flood damage in the affected federal states was insured, which underlines the vulnerability of the infrastructure.

The damage caused by heavy rain events and floods totals 2.6 billion euros, which is around one billion euros above the long-term average. In contrast to the flood damage, the insurance benefits from storm and hail were significantly lower. In motor vehicle insurance, benefits due to natural hazards amount to around 1.3 billion euros, which corresponds to the historical average.

Regional distribution of damage

In terms of regional damage distribution, Baden-Württemberg is at the top with 1.601 billion euros and Bavaria with 1.600 billion euros. North Rhine-Westphalia followed with 613 million euros insured losses, followed by Lower Saxony with 313 million euros and Hesse with 252 million euros. The low amounts of damage from Bremen (17 million euros) as well as from the city states of Berlin (39 million euros) and Hamburg (67 million euros) are particularly noticeable. Mecklenburg-Western Pomerania reported the second lowest damage at 34 million euros.

The total of 5.7 billion euros in damages is high in long-term comparison. Jörg Asmussen, General Manager of the GDV, emphasizes the urgency of a comprehensive natural hazards overall concept in order to better adapt to climatic changes. He also emphasizes the need for bold action to combat climate change.

Future outlook

The forecasts are alarming: by 2050, the extent of damage caused by the consequences of climate change could at least double. Extreme weather events such as heavy rain, floods, storms and fires will increasingly cause more damage. This requires not only societal preparation, but also intensive efforts by Germany to achieve the Paris climate goals.

Justice Minister Stefanie Hubig also announced compulsory insurance for residential buildings, which will come into force in the current legislative period. This move could help ease the financial burden of future natural disasters.

As the GDV's annual natural hazards report shows, the water sensitivity of infrastructure, buildings and cities is a key issue that must be urgently addressed in the coming period. The report's comprehensive data collection contains around 70 tables that document the extent of damage caused by natural hazards and provide important input for climate research. The reports can be downloaded on the GDV website available.

For insurers, this means that they must continue to adapt to the consequences of climate change and adapt their strategies. Sustainability and precaution are therefore the focus in order to better manage financial risks in the future. The sharp increase in flood events is not just a national problem, but a sign that climate change is also having noticeable effects in Germany.

In summary, the 2024 natural hazard assessment is a wake-up call for all stakeholders to actively address the challenges of climate change. The Black Forest messenger has shown that proactive measures are essential to protect society from ever-increasing risks.