€455 million insurance bill for Costa Blanca storm most expensive since Barcelona floods


THE bill to insurance companies of the September Gota Fria storm and floods is estimated at €455 million in Alicante and Murcia alone. 

This is the figure the Consortium of Insurance Compensation (CCS) has put on the disaster, with 65,000 claims having been made for damage caused by the extreme weather. 

It makes it the second most expensive weather-related ‘Gota Fria’ event for the insurance sector in Spain’s recent history, after the 1983 floods in the Basque Country.  


Worldwide, insured losses from catastrophes between 2017 and 2018 were $219 billion. “It was the worst two-year period in history for the insurance sector,” said Santiago Aréchaga, CEO of Swiss Re in Spain and Portugal.  

The Deputy Director of Studies and International Relations of the Consortium of Insurance Compensation (CCS), Francisco Espejo Gil, in the course of the Symposium on Climate Change organised by the Catastrophe Observatory of the Aon España Foundation, in Madrid, explained that the DANA of last September cost  455 million in claims in Murcia and Alicante, the worst figures in Spain, just behind the floods in the Basque Country in 1983, according to the AON Spain Foundation.  

During the Symposium, the High Commissioner for the Spanish Government’s Agenda 2030 for Sustainable Development, Cristina Gallach, pointed out that Spanish companies “should take advantage” of the Climate Summit in Madrid “to relaunch their environmental strategies”.  

“The support of civil society, led by universities, non-governmental organisations and social organisations, among others, will allow us to enter the decade of sustainability and inclusion on 1 January”, said Gallach, highlighting the importance of research and science, as well as the “generalised consensus in management, for the fulfilment of the sustainable development objectives set by the European Union”.  

For Gallach, the leadership of the private sector “is key” and the word sustainability “is increasingly present in this sector”. “There is greater awareness of anticipating and incorporating this sustainability perspective into public policies,” he said.  

“For the first time, we have an international agenda that unites the major climate challenges and the economic and social development agenda,” said the High Commissioner, while stressing that “accountability is key, as well as the guarantee of security and respect for human rights.  


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