Berenberg sees $2-3 billion reinsurance losses from European floods



© Reuters.

LONDON (Reuters) -Reinsurance losses from the recent European floods are likely to total $2-3 billion, Berenberg analysts said on Monday.

Flooding has devastated parts of Western Europe since last Wednesday, with the German states of Rhineland Palatinate and North Rhine-Westphalia, as well as parts of Belgium, among the worst hit.

“The European floods are estimated to have cost the reinsurance industry several billions of dollars – we estimate between $2-3 billion,” Berenberg said in a client note.

Berenberg said major European firms Allianz (DE:), AXA, Generali (MI:) and Zurich were likely among the insurers facing the biggest claims from the disaster.

Allianz would likely face claims of 200-300 million euros million euros ($169.42-$254.13 million), AXA of 100-120 million euros, Generali of 200-250 million euros and Zurich of $140 million, Berenberg said.

Overall losses would likely greatly exceed insured losses, Berenberg said, with only around 45% of buildings in Germany insured against flood and heavy rain. In Belgium, such policies were standard so insurance coverage for the flooding was likely to be higher, the bank added.

($1 = 1.1805 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  No savings at 50? I’d follow these 3 steps when buying cheap UK shares to retire rich

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here