Hail insurance: First loss report shows total damage of 200 million euros

(Austrian hail insurance, August 16, 2024): The year 2024 started very warmly. Behind us lies the warmest February and the warmest March in measurement history. Due to the unusually high temperatures, the start of vegetation was three to four weeks earlier this year. The following very cold second half of April led to severe frost damage, particularly in fruit and wine growing. In May, the weather extremes continued with the start of the hail season: storms with hail, storms and heavy rain damaged agricultural crops across all federal states. And what is the situation due to the drought? “The lack of precipitation and the heat of the past few weeks are particularly noticeable in autumn crops such as corn, soybeans, sugar beets and grassland. The east of the country is particularly affected, where significant drought damage is already evident. We are currently expecting one Total damage to agriculture amounting to 200 million euros100 million euros just because of the risk of drought,” said Dr. Kurt Weinberger, CEO of Austrian Hagelversicherungin an initial interim assessment and adds: “The situation for agriculture – with its open-air workshops – is worrying due to climate change. Remember: 80 percent of agricultural yields depend on the weather. The rainfall and temperatures of the coming days and weeks are crucial for how the drought situation develops this year. But the hail season is not over yet, it will last until mid-September.”