Storm Ciarán, drought and floods: Climate-related disasters could raise insurance prices in France

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According to estimates published on Monday by the French insurance federation France Assureurs, Storms Ciarán and Domingos caused some €1.3 billion worth of damage, making it one of the largest storm-related financial losses in France.

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So, insurance prices are dependent on several factors that impact these variables. This includes the frequency and the scale of weather-related events.

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It said that while the average yearly compensation was €2 billion between 1990 and 2009 (excluding 1999 due to storms), the average was up to €2.8 billion between 2010 and 2019.

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As the costs of compensation could reach €70 billion over the next three decades, the French government wants “to guarantee the sustainability of the natural disaster compensation system”, calling it a “key resilience tool”.

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