Yesterday we reported that data from satellite specialist ICEYE showed that upwards of 43,400 buildings were estimated to have been impacted by the recent severe flooding across Europe.
ICEYE has now updated its analysis and added significantly to the figure, saying that almost 72,000 buildings, perhaps more as these are still minimum figures, are assumed to have been impacted in some way by the floods.
The data now suggests a minimum of 71,859 buildings were affected by the floods, 37,662 in Germany, 26,371 in Belgium, 3,053 in Luxembourg, 1,696 in thee Netherlands and 866 in France.
Germany remains the centre of this catastrophic flood event, both from the loss of lives experienced and the damage to buildings.
Yesterday, the German insurance industry association gave the first signal of how high the ultimate insurance and reinsurance market loss may rise, saying that it expects between EUR 4 billion and EUR 5 billion of insured flood losses just for part of the country.
ICEYE’s data on Germany provides further evidence of how big the insurance and reinsurance market loss may become, as it says a minimum 10,539 buildings were impacted by flood waters considered to have a high depth, with 10,587 being hit by medium depth floods and 16,536 low.
The sample ICEYE visualisation above is taken from these floods for Bad Neuenahr-Ahrweiler, Germany, showing a total of 2,907 buildings within the flood extent, 1,052 with high water depths.
We also reported yesterday that at a EUR 5 billion industry loss, the flooding impacts could put upwards pressure on some reinsurance renewals in Europe.
– Insured flood loss just in part of Germany said EUR 4 to 5 billion: GDV.
– Minimum 43,400 buildings impacted by European floods: ICEYE.
– European flood losses may support reinsurance renewal prices: BofA.
– European flood industry loss seen up to US $3bn by Berenberg.
– European flood losses expected in the multiple billions of Euros: Aon.
– Europe floods won’t impact cat bonds, show need for protection: Plenum.
– Ongoing European flood event to drive industry losses in the billions.
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