July Hailstorms in Germany May Cost $2 Billion

Hailstorms that struck Germany at the end of July may have caused as much as $2 billion in damage, catastrophe modeler AIR Worldwide said on its website.

Damages from the storms, which pounded northern and southern areas of the country, could make it the costliest hail event since 1984, AIR said. About 100,000 buildings and 50,000 cars were damaged, the company said.

“Building damage was mostly from broken windows and roller shutters, broken roof tiles and perforated siding,” AIR said in the statement. “Another significant source of loss was to solar equipment, which is often attached to the roof for maximum sun exposure.”

Allianz SE, Europe’s largest insurer, said it expects losses of about 200 million euros ($268 million) from the storms. Costs may climb as residents return from vacations and report damage, AIR said.