Canadian Underwriter

European flood tallies rise as French losses added

September 18, 2002   by Canadian Underwriter

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The numbers just keeping adding up for European insurers facing flood conditions across the continent in late summer and more recently in France.
Recent French flooding could cost insurers $460 million (EUR 300 million), according to preliminary estimates from the Federation Francaise des Societes d’Assurances.
Insurers are still tallying up losses from summer floods that ranged from the U.K. to the Black Sea coast. The heaviest hit, however, was the Czech Republic, and insurers there are upping their loss estimates to $1.88 billion (CZK 37 billion), according to the Czech Association of Insurers.
An early Swiss Re estimate pegged insured losses at $1.5 billion (EUR 1 billion), or about 20% of the total economic loss figure of $7.7 billion (EUR 5 billion) available in late August. However, a more recent estimate suggests the economic loss could exceed $23 billion (EUR 15 billion).
Insurers reporting estimated losses include Munich Re at more than $750 million, Swiss Re at more than $250 million, Allianz at $850 million, Hannover Re at $230 million, Converium AG at more than $75 million, Generali at over 50 million, Partner Re at about $175 million. ACE Ltd. estimates losses from the central European and French floods combined will impact third quarter operating income to the tune of $140 million.

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