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Allianz cedes ~€700m of flood losses to reinsurance

Global insurance and reinsurance group Allianz confirmed that the severe flooding in Europe in July has resulted in a €400 million operating profit impact to its results this morning, suggesting around €700 million of flood losses were recovered from its reinsurance partners. Allianz had previously revealed its gross losses from the read the full article →

Allianz raises European flood loss estimate to €1.1bn

Global insurance and reinsurance group Allianz has lifted its estimate for gross losses from storm Bernd’s impacts in Europe and the severe flooding that struck the region by 22% to €1.1 billion. Previously, Allianz had pegged its losses from the European floods at €900 million, a figure that it said would read the full article →

Swiss Re expects $1.27bn hurricane Ida & Euro flood losses

Global reinsurance giant Swiss Re has provided preliminary estimates for its losses from two of the major catastrophe events of the summer months, while it says the industry loss from hurricane Ida is estimated at between $28 billion and $30 billion, while Europe's flooding is estimated as a $12 billion read the full article →

German floods industry loss estimate rises to €7bn (US $8.3bn)

Insurance and reinsurance market losses from July's severe flooding in Germany are now expected to reach as high as €7 billion (around US $8.3bn), according to the chief of the country's insurance association. This is a reasonably significant increase from the previous insurance market loss estimate of near to €5.5 billion. This read the full article →

European flood industry loss up to US $7.7bn: RMS

Catastrophe risk modelling firm RMS has provided an estimate of the insurance and reinsurance industry loss from July's devastating flooding across Europe, saying it could be as high as €6.5 billion (US $7.7bn). RMS's estimate is interesting, as the risk modeller has opted for a lower insured loss for Germany than read the full article →

Germany flood loss said €5.7bn by BAFIN, with €1bn reinsured

Expectations for insurance and reinsurance market losses from the July flood disaster in Germany are rising, with regulator BAFIN estimating the toll at €5.7 billion, around €1 billion of which it expects will fall to reinsurance firms from the country. At the same time, the German insurance association, GDV, now expects read the full article →

W&W Group expects €400m gross flood loss, but reinsurance to reduce it

W&W Group, or Wüstenrot & Württembergische AG, a major German insurance carrier, has reported that it expects a €400 million gross loss from the flooding in July, but this will be minimised by its catastrophe reinsurance program. It was the company's Württembergische Versicherung unit that has experienced the largest impact, being the read the full article →

Talanx says reinsurance & retro to cover roughly half of July flood losses

Talanx, the German insurance and reinsurance group and parent of major player Hannover Re, has said that it anticipates recovering roughly half of its claims burden from the recent severe floods that affected Europe from reinsurance and retrocession partners. Talanx has a significant footprint in the German market, which was the read the full article →

Ageas expects significant reinsurance recovery for floods in Belgium

Belgium headquartered insurance group Ageas is the latest European carrier to reveal an expectation of significant reinsurance support to help it pay claims to customers from the recent severe floods that affected the region. Ageas was always expected to be one of the insurance carriers that experienced a relatively significant impact read the full article →

Germany & China see costliest disaster losses ever from July flooding: Aon

Both Germany and China have experienced their most costly insured natural disaster loss events in history in July, with both largely related to the impacts of devastating flooding, according to insurance and reinsurance broker Aon. Germany is expected to face around US $20 billion in economic losses, while across Europe the read the full article →