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Claims news - Zurich issues estimate for European flooding bill.
(From Reinsurance)
Zurich Financial Services Group (Zurich) has announced that, based on preliminary estimates, it expects aggregate claims payments related to the recent floods affecting Switzerland, southern Germany and Austria of approximately $100m before tax and net of third-party shares. Charges for the floods will be recorded in the third quarter.
Heavy rain in the middle to end of August caused widespread flooding across a wide area of central and Eastern Europe, with Switzerland, Germany, Austria and Romania being badly affected. The floods killed 43 people and forced evacuation of large areas, especially after the rain caused landslides around the Swiss town of Brienz. Large areas of Bern were also flooded, and at one point rail links in central Switzerland were severed.
Flooding was also reported in Croatia, Slovenia, Bulgaria and southern Poland. Estimates of the total economic damage vary, with the largest estimate being in the region of $800m.
Zurich added that it was not yet in a position ...
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