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)
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.