BOSTON, June 19, 2024 (GLOBE NEWSWIRE) -- The Extreme Event Solutions business
unit of Verisk (Nasdaq: VRSK), a leading global data analytics and technology
provider, estimates industry insured losses from flooding in Southern Germany
from May 15 to June 5 will range from EUR 2.4 billion (USD 2.6 billion) to EUR
3.6 billion (USD 3.9 billion).
Between Friday, May 31 at noon CET and Monday, June 3 at noon CET, 120 to 160
liters of rain fell per square meter across southern Germany, which is more than
what usually falls in a month, according to Sebastian Altnau, a meteorologist
with the German Weather Office.
The main flooding occurred along parts of the upper Danube River, as well as
several of the Danube's southern tributaries, with the worst impacts in Germany
in Bavaria and Baden-Wu?rttemberg. Flooding submerged streets, highways, homes,
and businesses. A dam on the Paar River broke in two places in the Bavarian
district of Pfaffenhofen an der Ilm, severely flooding surrounding areas and
requiring hundreds to evacuate their homes in nearby Baar-Ebenhausen. A dyke and
a dam also broke in Diedorf.
Elsewhere in Bavaria, the Schmutter, Cham, Paar, Ilm, Danube and Isar Rivers all
reached above the level 4 (highest) warning levels in several locations. In
Baden-Wu?rttemberg, homes and businesses were also flooded, and an estimated
95,000 hectares of farmland were inundated.
According to the German Insurance Association (GDV), nearly half of all
structures in Bavaria are insured for flood, while in Baden-Wu?rttemberg that
figure exceeds 90 percent, as flood protection was a compulsory part of property
insurance in that state until 1994.
Included in the industry insured loss estimate is insured physical damage to
property (residential, commercial, industrial, auto, agriculture), both
structures and their contents, from both on- and off-floodplain flooding. Also
included are additional living expenses (ALE) for residential claims and
business interruption (BI) for commercial claims.
Verisk's loss estimates do not include:

  * Losses outside of Germany
  * Losses to uninsured properties
  * Losses to infrastructure
  * Losses from extra-contractual obligations
  * Losses from hazardous waste cleanup, vandalism, or civil commotion, whether
    directly or indirectly caused by the event
  * Demand surge
  * Other non-modeled losses
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About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology
partner to the global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes, combat fraud and
make informed decisions about global risks, including climate change, extreme
events, ESG and political issues. Through advanced data analytics, software,
scientific research and deep industry knowledge, Verisk helps build global
resilience for individuals, communities and businesses. With teams across more
than 20 countries, Verisk consistently earns certification by Great Place to
Work (https://www.greatplacetowork.com/certified-company/1288593) and fosters
an inclusive culture (https://www.verisk.com/about/inclusion-diversity-
belonging/) where all team members feel they belong. For more, visit Verisk.com
(https://www.verisk.com/) and the Verisk Newsroom
(https://www.verisk.com/newsroom/).
Contacts:
Mary Keller
Verisk
339-832-7048
mary.keller@verisk.com
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