RegionsEEAEuropean Insured Flood Losses Calculated at up to US$4.5bn

European Insured Flood Losses Calculated at up to US$4.5bn

Extreme flooding in central and eastern Europe (CEE) in recent weeks will generate a claims burden of between US$3.5bn and US$4.5bn, according to reinsurer Swiss Re. The group calculates its own losses from the floods at around US$300m, with all figures net of retrocession and before tax.

The flooding affected large areas in the eastern part of Germany, the Czech Republic, Austria, Hungary and Slovakia. However, Swiss Re notes that effective local prevention measures spared many regions from larger losses. In Prague, for example, mobile flood barriers were erected, which saved most of the city from significant flooding.

“The flooding in central and eastern Europe has again caused hardship and loss to many communities and we send our sympathies to those affected,” said Michel Liès, Swiss Re’s group chief executive officer (CEO).  “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.”

Matthias Weber, Swiss Re’s group chief underwriting officer, added: “Thanks to timely prevention measures, 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.”

Related Articles

“Destroy or democratise” – how Open Banking will impact connectivity

Banking “Destroy or democratise” – how Open Banking will impact connectivity

4m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

4m Victoria Beckett
Money market reforms: Navigating LVNAV, CNAV and VNAV

EEA Money market reforms: Navigating LVNAV, CNAV and VNAV

5m Victoria Beckett
The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

EEA The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

5m BELLIN
The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

5m BELLIN
The Challenge of Integrating Worldwide Subsidiaries into one TMS

Baltics The Challenge of Integrating Worldwide Subsidiaries into one TMS

5m BELLIN
Q&A with BMG's treasury : BELLIN - We Love Treasury 2

EEA Q&A with BMG's treasury : BELLIN - We Love Treasury 2

5m BELLIN
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

5m Alex Kwiatkowski