Storms in Morocco Cost a Global Insurance Giant a Fortune
The violent storms that struck Morocco and the Iberian Peninsula at the beginning of the year left an impressive bill: 126.4 million euros for Hannover Re alone, one of the world’s leading reinsurers.
The figure appears in Hannover Re’s half-year results published on Wednesday. The German group ranks the violent Atlantic storms that affected Morocco and the Iberian Peninsula among its three most significant natural disasters of the first six months of 2026.
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For Hannover Re, their net cost reached precisely 126.4 million euros. Caution: this amount covers the entire event that affected Morocco as well as the Iberian Peninsula. It therefore does not correspond solely to the damage recorded in the kingdom.
Almost as much as the storm in the United States
The comparison above all conveys the scale of the disaster. The only natural event that cost Hannover Re more in the first half of the year was Winter Storm Fern, which struck the United States and Canada: 130.4 million euros.
And the 126.4 million represents only a fraction of the actual bill. It concerns solely the net charge borne by Hannover Re, not all the damage, compensation and economic losses recorded in the countries concerned.
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In total, major claims cost the reinsurer 784.7 million euros in the first half of the year. Despite this succession of disasters, the amount remains below the 1.02 billion euros that Hannover Re had budgeted for this period.
