Partner Re Reports Claims from European Flooding Could Approach $100M

August 19, 2002

Bermuda-based PartnerRe Ltd. reports that claims from its exposures to flooding currently impacting Europe are expected to approximate $100 million.

Bermuda-based PartnerRe Ltd. reports that claims from its exposures to flooding currently impacting Europe are expected to approximate $100 million.

Over the past week, heavy rainfall has flooded much of eastern and central Europe. Precipitation in several areas is the highest in more than a century, and the Elbe river has risen to its highest levels ever recorded, surpassing the 1845 record. Austria, Germany and the Czech Republic have been the hardest hit. Estimates of economic damage from flooding exceed $6 billion, with expectations of $1.5 billion of insured losses.

“As a significant reinsurer of European catastrophe risks, we expect this to be a substantial event for PartnerRe,” PartnerRe President and CEO Patrick Thiele remarked. “Our estimate is very preliminary and is based on much uncertainty. Floodwaters continue to rise in many areas, and firm estimates of total losses will not be available until flooding subsides.”

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