Gallagher Re reports Central Europe floods could cost reinsurance industry $3.3 billion
The global reinsurance broker estimates that the insured losses from central Europe’s recent floods are likely to range between US$2.2 and $3.3 billion
The recent floods in Central Europe have now reached northern Italy, with much of the country on alert.
The central city of Pescara has been hit by flooding while the Italian meteorological service has issued weather warnings spanning the northern coast of Emilia-Romogna to its far-south.
The flooding is being driven by a low-pressure system known as Storm Boris, which has overwhelmed parts of Austria, Czechia, Germany, Hungary, Poland, Romania, and Slovakia with heavy wind and rain.
According to Gallagher Re’s report the floods have resulted in at least 24 fatalities: 10 in Poland, seven in Romania, four in the Czech Republic, and three in Austria. Across Europe, hundreds have been rescued from the flooding, with thousands more evacuated.
Vehicles, infrastructure and agribusiness operations have all been severely impacted by the floods.
Over 1,120 instances of heavy rain were recorded by the European Severe Weather Database (ESWD) since 11 September.
Advanced warnings and recent investments in flood defences have played a central role in reducing losses.
Gallagher Re stated: “The scale of the ongoing central Europe floods is quite extensive and there remains a growing expectation that this could rank among the costliest weather/climate events on record in this part of the European continent.”