Munich, 9-7-2013 — /europawire.eu/ — Floods causing billions of dollars in losses dominate the natural catastrophe statistics for the first half-year 2013. Around 47% of the overall losses and 45% of the insured losses derived from inland flooding that occurred in Europe, Canada, Asia and Australia. Altogether, at around US$ 45bn, losses from natural catastrophes were below the average amount for the past ten years (US$ 85bn). Insured losses totalled approximately US$ 13bn (ten-year average: US$ 22bn).
By far the most expensive natural catastrophe in the first half-year was the flooding in southern and eastern Germany and the neighbouring states in May and June, which gave rise to an overall loss of more than €12bn (US$ 16bn) and an insured loss in the region of €3bn plus (US$ 3.9bn). The majority of the insured losses occurred in Germany. By way of comparison, the Elbe flooding in 2002 caused an overall economic loss of US$ 16.5bn, of which US$ 3.4bn was insured.
“The frequency of flood events in Germany and central Europe has increased by a factor of two since 1980. But particularly with floods, an increased hazard – such as more frequent heavy rainfall events – need not necessarily result in higher losses. Such a rise in losses can be prevented by better flood control”, said Board member Torsten Jeworrek. “It is therefore important to sharpen risk awareness. Rivers need room so that flood waves can disperse without causing serious damage. And the flood risk needs to be considered in the designation of land for industrial or residential areas. Politicians should not only set up emergency funds after catastrophes but should act with greater foresight, engaging in prudent supraregional flood control, which should ideally be coordinated across national borders.”
The flooding in Germany and the neighbouring countries to the east was caused by an atmospheric trough across central Europe, drawing moist air from the Mediterranean and southeast European area northwards over eastern Europe. The lows embedded in this air current, with an anticlockwise airstream, led to orographic lifting on the north sides of the eastern German mountain ranges and the Alps. In some places, 400 litres of rain per square metre fell within a few days. And up to 100 litres per square metre were recorded over a very large area. As the ground was already saturated from the rainiest spring for 50 years, the rainwater flowed directly into the rivers.
The consequence was an extensive flood in Bavaria and eastern Germany which significantly exceeded the levels of 2002 in many places on the Danube and Elbe. In Passau, at the confluence of the rivers Danube, Inn and Ilz, the highest water level since 1501 was recorded. In Dresden, by contrast, the old city centre was largely spared, unlike in 2002. Thanks to better flood control, fewer dykes on the upper reaches of the Elbe broke than in 2002, but this meant that the flood wave further downstream was all the higher. In Magdeburg, the floods reached a record level. More than 20,000 people had to be evacuated.
In neighbouring countries like the Czech Republic and Austria, the flooding also caused high losses, although in contrast to 2002 the old city centre of the Czech capital Prague escaped largely unscathed, thanks to enhanced flood control measures. Austria experienced numerous mudflows as a result of the heavy rain. In Vienna, some of the floodwater was diverted into the “New Danube” relief canal, enabling the flooding to be restricted to a few streets. The floods in Slovakia and Hungary were limited to the swollen Danube, as the two countries themselves were not affected by the heavy rain. In Bratislava and Budapest, the flood control measures proved their worth, with only a few streets right next to the river being flooded.
Prof. Peter Höppe, Head of Munich Re’s Geo Risks Research unit, noted: “It is evident that days with weather conditions that lead to such flooding are becoming more frequent and that such weather systems tend to remain stationary for longer. With this higher persistence of weather patterns, the potential for heavy and long-lasting precipitation within a trough situation, for example, increases. The counterpart to this are stationary high-pressure systems which in summer increase the risk of heatwaves and periods of drought.”
“Debate in climate research is currently focusing on what the causes of such changes in weather patterns could be and what role climate change might play in this. But it is naturally not possible to explain single events on this basis”, Höppe added.
The second most expensive event in the first half-year was a squall line with severe tornadoes in the USA between 18 and 22 May. On 21 May, a tornado of category 5 (maximum strength) hit the town of Moore, a suburb of Oklahoma City. The tornado reached peak wind speeds of up to 300 km per hour and was unusually large, with a width of nearly two kilometres. The destruction was enormous: well over 1,000 buildings were completely destroyed in Moore alone, including seven schools and a hospital. 26 people were killed and more than 370 were injured. The overall economic loss amounted to more than US$ 3bn, of which approximately US$ 1.5bn was insured.
“The central states of the USA have the highest tornado risk in the world. Altogether, however, the US tornado season has been below average so far: by the end of June, 625 tornadoes had occurred, compared with the longer-term average of 1,075”, Höppe said.
Another severe event was a flood in the Canadian province of Alberta – probably the worst flooding ever experienced there. Starting on 19 June, massive rainfall of up to 200 litres per square metre in one day coincided with late snowmelt, causing the Bow River in Calgary to swell to a level three times higher than during the flood of 2005. Some 75,000 people were evacuated. Numerous streets were flooded, and the Saddledome, home to ice-hockey club Calgary Flames, was hit. Initial estimates indicate an overall economic loss of more than US$ 3bn, while the insurance loss is likely to exceed the one-billion-dollar mark.
The event with the severest consequences in humanitarian terms was the disaster caused by flash floods in northern India and Nepal as a consequence of exceptionally early and extremely heavy monsoon rains. Hundreds of roads and bridges were washed away, making the job of rescue workers all the more difficult. Over 1,000 people were killed.
All in all, 460 loss-relevant natural hazard events occurred throughout the world in the first half of the year, slightly above the average for the past ten years (390).
Note for the editorial staff:
For further questions please contact
Media Relations Munich, Michael Able
Tel.: +49 (89) 3891-2934
Media Relations Asia, Nikola Kemper
Tel.: +852 2536 6936
Media Relations USA, Beate Monastiridis-Dörr
Tel.: +1 (609) 243-4622
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2012, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of around €52bn. It operates in all lines of insurance, with around 45,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2012, ERGO posted premium income of €19bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €214bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.
Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München
Media Relations
Königinstraße 107
80802 Munich
Germany
- Unlocking the Multi-Million-Dollar Opportunities in Quantum Computing
- Digi Communications N.V. Announces the Conclusion of Facilities Agreements by Companies within Digi Group
- The Hidden Gem of Deep Plane Facelifts
- KAZANU: Redefining Naturist Hospitality in Saint Martin ↗️
- New IDTechEx Report Predicts Regulatory Shifts Will Transform the Electric Light Commercial Vehicle Market
- Almost 1 in 4 Planes Sold in 2045 to be Battery Electric, Finds IDTechEx Sustainable Aviation Market Report
- Digi Communications N.V. announces the release of Q3 2024 financial results
- Digi Communications NV announces Investors Call for the presentation of the Q3 2024 Financial Results
- Pilot and Electriq Global announce collaboration to explore deployment of proprietary hydrogen transport, storage and power generation technology
- Digi Communications N.V. announces the conclusion of a Memorandum of Understanding by its subsidiary in Romania
- Digi Communications N.V. announces that the Company’s Portuguese subsidiary finalised the transaction with LORCA JVCO Limited
- Digi Communications N.V. announces that the Portuguese Competition Authority has granted clearance for the share purchase agreement concluded by the Company’s subsidiary in Portugal
- OMRON Healthcare introduceert nieuwe bloeddrukmeters met AI-aangedreven AFib-detectietechnologie; lancering in Europa september 2024
- OMRON Healthcare dévoile de nouveaux tensiomètres dotés d’une technologie de détection de la fibrillation auriculaire alimentée par l’IA, lancés en Europe en septembre 2024
- OMRON Healthcare presenta i nuovi misuratori della pressione sanguigna con tecnologia di rilevamento della fibrillazione atriale (AFib) basata sull’IA, in arrivo in Europa a settembre 2024
- OMRON Healthcare presenta los nuevos tensiómetros con tecnología de detección de fibrilación auricular (FA) e inteligencia artificial (IA), que se lanzarán en Europa en septiembre de 2024
- Alegerile din Moldova din 2024: O Bătălie pentru Democrație Împotriva Dezinformării
- Northcrest Developments launches design competition to reimagine 2-km former airport Runway into a vibrant pedestrianized corridor, shaping a new era of placemaking on an international scale
- The Road to Sustainable Electric Motors for EVs: IDTechEx Analyzes Key Factors
- Infrared Technology Breakthroughs Paving the Way for a US$500 Million Market, Says IDTechEx Report
- MegaFair Revolutionizes the iGaming Industry with Skill-Based Games
- European Commission Evaluates Poland’s Media Adherence to the Right to be Forgotten
- Global Race for Autonomous Trucks: Europe a Critical Region Transport Transformation
- Digi Communications N.V. confirms the full redemption of €450,000,000 Senior Secured Notes
- AT&T Obtiene Sentencia Contra Grupo Salinas Telecom, Propiedad de Ricardo Salinas, Sus Abogados se Retiran Mientras Él Mueve Activos Fuera de EE.UU. para Evitar Pagar la Sentencia
- Global Outlook for the Challenging Autonomous Bus and Roboshuttle Markets
- Evolving Brain-Computer Interface Market More Than Just Elon Musk’s Neuralink, Reports IDTechEx
- Latin Trails Wraps Up a Successful 3rd Quarter with Prestigious LATA Sustainability Award and Expands Conservation Initiatives ↗️
- Astor Asset Management 3 Ltd leitet Untersuchung für potenzielle Sammelklage gegen Ricardo Benjamín Salinas Pliego von Grupo ELEKTRA wegen Marktmanipulation und Wertpapierbetrug ein
- Digi Communications N.V. announces that the Company’s Romanian subsidiary exercised its right to redeem the Senior Secured Notes due in 2025 in principal amount of €450,000,000
- Astor Asset Management 3 Ltd Inicia Investigación de Demanda Colectiva Contra Ricardo Benjamín Salinas Pliego de Grupo ELEKTRA por Manipulación de Acciones y Fraude en Valores
- Astor Asset Management 3 Ltd Initiating Class Action Lawsuit Inquiry Against Ricardo Benjamín Salinas Pliego of Grupo ELEKTRA for Stock Manipulation & Securities Fraud
- Digi Communications N.V. announced that its Spanish subsidiary, Digi Spain Telecom S.L.U., has completed the first stage of selling a Fibre-to-the-Home (FTTH) network in 12 Spanish provinces
- Natural Cotton Color lancia la collezione "Calunga" a Milano
- Astor Asset Management 3 Ltd: Salinas Pliego Incumple Préstamo de $110 Millones USD y Viola Regulaciones Mexicanas
- Astor Asset Management 3 Ltd: Salinas Pliego Verstößt gegen Darlehensvertrag über 110 Mio. USD und Mexikanische Wertpapiergesetze
- ChargeEuropa zamyka rundę finansowania, której przewodził fundusz Shift4Good tym samym dokonując historycznej francuskiej inwestycji w polski sektor elektromobilności
- Strengthening EU Protections: Robert Szustkowski calls for safeguarding EU citizens’ rights to dignity
- Digi Communications NV announces the release of H1 2024 Financial Results
- Digi Communications N.V. announces that conditional stock options were granted to a director of the Company’s Romanian Subsidiary
- Digi Communications N.V. announces Investors Call for the presentation of the H1 2024 Financial Results
- Digi Communications N.V. announces the conclusion of a share purchase agreement by its subsidiary in Portugal
- Digi Communications N.V. Announces Rating Assigned by Fitch Ratings to Digi Communications N.V.
- Digi Communications N.V. announces significant agreements concluded by the Company’s subsidiaries in Spain
- SGW Global Appoints Telcomdis as the Official European Distributor for Motorola Nursery and Motorola Sound Products
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2023 financial year
- Digi Communications N.V. announces the exercise of conditional share options by the executive directors of the Company, for the year 2023, as approved by the Company’s Ordinary General Shareholders’ Meetings from 18th May 2021 and 28th December 2022
- Digi Communications N.V. announces the granting of conditional stock options to Executive Directors of the Company based on the general shareholders’ meeting approval from 25 June 2024
- Digi Communications N.V. announces the OGMS resolutions and the availability of the approved 2023 Annual Report
- Czech Composer Tatiana Mikova Presents Her String Quartet ‘In Modo Lidico’ at Carnegie Hall
- SWIFTT: A Copernicus-based forest management tool to map, mitigate, and prevent the main threats to EU forests
- WickedBet Unveils Exciting Euro 2024 Promotion with Boosted Odds
- Museum of Unrest: a new space for activism, art and design
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by companies within Digi Group
- Digi Communications N.V. announces the agreements concluded by Digi Romania (formerly named RCS & RDS S.A.), the Romanian subsidiary of the Company
- Green Light for Henri Hotel, Restaurants and Shops in the “Alter Fischereihafen” (Old Fishing Port) in Cuxhaven, opening Summer 2026
- Digi Communications N.V. reports consolidated revenues and other income of EUR 447 million, adjusted EBITDA (excluding IFRS 16) of EUR 140 million for Q1 2024
- Digi Communications announces the conclusion of Facilities Agreements by companies from Digi Group
- Digi Communications N.V. Announces the convocation of the Company’s general shareholders meeting for 25 June 2024 for the approval of, among others, the 2023 Annual Report
- Digi Communications NV announces Investors Call for the presentation of the Q1 2024 Financial Results
- Digi Communications intends to propose to shareholders the distribution of dividends for the fiscal year 2023 at the upcoming General Meeting of Shareholders, which shall take place in June 2024
- Digi Communications N.V. announces the availability of the Romanian version of the 2023 Annual Report
- Digi Communications N.V. announces the availability of the 2023 Annual Report
- International Airlines Group adopts Airline Economics by Skailark ↗️
- BevZero Spain Enhances Sustainability Efforts with Installation of Solar Panels at Production Facility
- Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
- BevZero South Africa Achieves FSSC 22000 Food Safety Certification
- Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
- Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
- driveMybox continues its international expansion: Hungary as a new strategic location
- Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
- Digi Communications NV announces the release of the 2023 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
- Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
- Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
- Digi Communications N.V. Announces the release of the Financial Calendar for 2024
- Customer Data Platform Industry Attracts New Participants: CDP Institute Report
- eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
- BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
- Editor's pick archive....