LONDON (Reuters) -Reinsurance losses from the recent European floods are likely to total $2-3 billion, Berenberg analysts said on Monday.
Flooding has devastated parts of Western Europe since last Wednesday, with the German states of Rhineland Palatinate and North Rhine-Westphalia, as well as parts of Belgium, among the worst hit.
“The European floods are estimated to have cost the reinsurance industry several billions of dollars – we estimate between $2-3 billion,” Berenberg said in a client note.
Berenberg said major European firms Allianz, AXA, Generali and Zurich were likely among the insurers facing the biggest claims from the disaster.
Allianz would likely face claims of 200-300 million euros million euros ($169.42-$254.13 million), AXA of 100-120 million euros, Generali of 200-250 million euros and Zurich of $140 million, Berenberg said.
Overall losses would likely greatly exceed insured losses, Berenberg said, with only around 45% of buildings in Germany insured against flood and heavy rain. In Belgium, such policies were standard so insurance coverage for the flooding was likely to be higher, the bank added.
($1 = 1.1805 euros)
(Reporting by Carolyn Cohn in London and Michael Shields in Zurich; editing by Karin Strohecker)
