Hannover Re, a leading German insurer, revealed that it incurred a significant cost of 50 million euros ($54.8 million) from the recent riots in France. This information was included in the company's first-half results and may be subject to adjustment in the future, according to a spokesperson.
The riots erupted in various cities across France in late June following the tragic shooting of a teenager by police in a Parisian suburb. The aftermath of these events has taken a toll on Hannover Re's finances.
In addition to the riot-related expenses, flooding in Italy also impacted the insurer, resulting in costs of EUR42 million. This is on top of the EUR257 million incurred from the earthquake in Turkey and Syria earlier this year. Furthermore, Hannover Re suffered losses amounting to EUR110 million from New Zealand due to flooding in January and Tropical Cyclone Gabrielle a month later, with expenses totaling EUR45 million and EUR65 million, respectively.
During the six-month period, large losses exceeding EUR10 million reached a total of EUR607 million. These losses were in line with Hannover Re's budgeted expectations and were accounted for accordingly.
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