Swiss Re estimates CHF1.7 billion hailstone damage

Swiss Re: 1.7 billion in damage caused by August’s hailstorms in Switzerland Keystone-SDA

The extreme weather that hit Switzerland at the end of August caused insured losses of around CHF1.7 billion, according to an estimate by Swiss Re.

The reinsurance company notes that the weather is increasingly becoming a driving force behind catastrophic events in Europe as well.

The hailstorm that struck Switzerland occurred in a relatively densely populated area, said Leopold Camara, a senior executive at the company, during a press conference at the reinsurance industry meeting in Baden-Baden, Germany.

It could have been even worse: “The same event in Zurich would probably have caused much greater losses.” The unusual storm on August 28 brought not only strong gusts of wind but also large quantities of hail, with hailstones locally reaching a diameter of up to five centimetres. The regions hardest hit were Bern, Solothurn, Aargau, Zurich and Thurgau.

Cars were particularly hard hit. According to Swiss Re, damage to vehicles is in fact becoming an increasingly significant aspect of extreme weather events. A single event can affect many thousands of vehicles. As for the hailstorm at the end of August, damage to motor vehicles alone amounted to around CHF 800 million.

This was not an isolated incident: in northern Italy, too, hailstorms in July and August caused extensive damage to cars. Prevention is also becoming increasingly important. Measures include issuing warnings about such events as early as possible and providing access to covered parking facilities.

According to Swiss Re, the current year has also shown how forest fires caused by extreme heat and prolonged drought are becoming increasingly significant for the insurance sector.

Over the last few decades, the associated losses have risen by 8–11% annually. However, for the sector, heatwaves represent an interconnected risk affecting various areas of insurance. Extreme weather conditions can, in fact, jeopardise energy supplies, infrastructure and the entire economy.

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Translated from Italian, reviewed by an English Department journalist.