During the second half of July, the European record for the largest recorded hailstone was broken twice, according to the European Severe Storms Laboratory (ESSL). On 19th July, a hailstone measuring 16 cm in diameter was recorded in the Veneto region of northern Italy, only to be surpassed a few days later on 24th July by a 19 cm hailstone in Friuli-Venezia Giulia. During this period, several extreme storms caused significant damage to property, infrastructure and crops. The ensuing financial losses have not been fully quantified yet.
From 18th July to 1st August, a staggering 699 large hail events were reported for Italy, almost all of them in the north, according to data provided by the European Severe Weather Database. Over this timeframe, Croatia experienced 60, Serbia 31 and Slovenia 117 events, to mention only a few other severely affected countries.
Extreme weather events have become more frequent and unpredictable in recent years. Heavy hailstorm events, as recently observed in Northern Italy, have the potential to ruin harvests and devastate agricultural landscapes, leading to serious financial losses for farmers as well as amplifying risks for insurance companies.
The agricultural industry’s vulnerability to weather extremes has never been more apparent. With climate change progressing, the risks will only be exacerbated. Reinsurers and insurers play a pivotal role in providing crucial financial support and risk management solutions, protecting communities, businesses and individuals from the adverse effects of climate change.
As climate change continues to challenge our world, the crucial role of reinsurance and insurance becomes increasingly apparent, safeguarding societies and businesses against the uncertainties and damages caused by these changing climatic conditions.
For more information about the Risk Management and Reinsurance Solutions provided by G&Co please contact us.