flood

The recent severe flooding in China’s Henan province is expected to result in the largest catastrophe insured losses in history for the country, clearly demonstrating the need for more reinsurance protection, as well as faster roll-out of primary covers.

Catastrophe risk modeller AIR Worldwide is in close agreement with the German insurers association, in saying that it expects the insurance and reinsurance market will face close to EUR 5 billion of losses from flooding that hit the country recently.

German insurance association, the GDV, has raised its estimate of insurance market losses for damage from the recent flooding event to between EUR 4.5 billion and EUR 5.5 billion.

The recent severe flooding in China’s Henan province is expected to suppress underwriting margins for the China non-life insurance and reinsurance industry in 2021, with total industry losses expected to exceed US $1.25 billion, according to Fitch Ratings.

Economic losses from the recent severe flooding across Europe is likely to exceed US $10 billion according to insurance and reinsurance broker Aon, a figure we expect will end up being eclipsed once all the losses are counted across the impacted regions.

China’s province of Henan has been hit by what is being termed a 1-in-1000 year flood event, after a year’s worth of rainfall fell in just three days. But the insurance and reinsurance market claims impact may be most severe on the auto side, rather than property claims, while supply-chain disruption could also be a […]

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.

The German insurance association, the GDV has said today that it estimates insurance market losses just for flood damage in the North Rhine-West­pha­lia and Rhi­ne­land-Pala­ti­nate regions will be between EUR 4 billion and EUR 5 billion.

Upwards of 43,400 buildings are estimated to have been impacted by the recent severe flooding in Europe, a minimum 7,500 of which are thought to have been impacted by high flood waters and so likely will drive relatively significant insurance claims, data from ICEYE shows.

At EUR 5 billion or above, the insurance and reinsurance loss from flooding in Europe over the last week or so will still be a relatively minor impact to the industry, but combined with other recent severe storm losses analysts at Bank of America believe there could be some upward pressure on pricing at the […]