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Hannover Re estimates Europe flood loss of above 100 million euros


June 17, 2013   by Canadian Underwriter


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While it’s still too early to have a precise estimate of insured losses from flooding in central Europe, Hannover Re said it estimates its net loss could exceed 100 million euros.

Hannover Re expects 100 million euro loss

However, its losses should remain “significantly below” 200 million euros, the company said in a statement Monday.

“In view of the rather minimal incidence of major losses to date, this means that the major loss budget for the first half-year will probably not be fully utilised,” the company noted.

“This is the case even allowing for the tornado damage in the U.S. state of Oklahoma in May of this year, which impacted the company in an amount of 30 million euros for net account.”

Also Monday, ratings agency A.M. Best said that while the floods are the worst in the region since severe events in 2002, European insurers are well-positioned to take on losses from this month’s flooding.

Most claims will likely be from property damage and auto claims, although business interruption-related losses are also expected, the firm said.

Last week, Allianz released a preliminary estimate of its own loss from the event, pegging it at around 350 million euros, while one analyst reportedly expected a similar loss for Munich Re.


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