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Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn. -
The group has made its third revision to the catastrophic shipping loss, after initially pegging the loss at just $115mn.
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The insurer said that the benefits of scale from large vessels may soon be outweighed by the risks of disruption they pose.
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Reinsurers using Europe primarily as a diversifier to counter risk in peak cat zones are increasingly faced with significant loss events on the continent.
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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.
