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The modeller said repairs to infrastructure could run into months.
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The national insurance association has added Bavaria and Saxony to its tally.
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The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
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The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
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The ratings agency said the floods would be an earnings event rather than capital event.
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The severe flooding has the potential to change the outcome of 2022 renewals after muted European cat rate increases this year.
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Sources estimated the settlement would have had to exceed $200mn to hit the lower layers of the tower.
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The fact the Games are going ahead means a worst-case $2.5bn loss has been averted, the ratings agency said.
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The storm was the earliest named E storm, forming nearly six weeks earlier than average.
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The loss was subject to claims inflation due to building supply and labour challenges.
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A spell of tornadoes, rain and hailstorms across the continent drove the loss activity.
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The Mexican state oil company has been a source of major claims in the past.
