Swiss Re Estimates Europe Flood Claims at $300 Mn; Overall Losses $3.5-$4.5 Bn

Swiss Re has estimated that its claims burden from recent flooding in central and Eastern Europe is approximately $300 million, net of retrocession and before tax. Industry-wide insured losses are estimated to be between $3.5 and $4.5 billion.

The flooding affected large areas in the eastern part of Germany, the Czech Republic, Austria, Hungary and Slovakia.

Michel M. Li├Ęs, Swiss Re’s Group CEO, said: “The flooding in central and Eastern Europe has again caused hardship and loss to many communities and we send our sympathies to those affected. Swiss Re will continue to work closely with our partners and clients to ensure that people receive the financial support they need to clean up and rebuild after this flood.”

Swiss Re also, noted that “effective local prevention measures spared many regions from large losses. In Prague, for example, mobile flood barriers were erected which saved most of the city from significant flooding.”

Matthias Weber, Swiss Re’s Group Chief Underwriting Officer, highlighted the “timely prevention measures,” indicating that “large areas have been saved from the flooding. With the right prevention measures in place, insurers can offer more affordable coverage, which means that more people and businesses can benefit from insurance.”

Source: Swiss Re