Hailstorms in northern and southern Germany in July will generate a claims burden of approximately $240 million for Swiss Re, the company announced Monday.

That figure is net of retrocession and before tax.

Total losses for the insurance industry are estimated between $2 billion and $2.7 billion.

“The two hail tracks with golf ball-sized hailstones massively damaged roofs, smashed windows, and destroyed solar panels and other installations,” says Matthias Weber, Swiss Re’s group chief underwriting officer. “Supporting insurers and policyholders in times of natural catastrophes like this is the continuation of what Swiss Re has been doing successfully for the past 150 years.”

Source: Swiss Re