Global insurer Allianz is now expecting gross losses of approximately €1.1 billion from the impacts of storm Bernd across Germany, Belgium, and the Netherlands in July.
In early August, Allianz pegged its losses from the July flooding across parts of Europe at €900 million, of which it said roughly €500 million would be covered by its reinsurance.
This loss estimate has now increased by roughly €200 million, and includes claims by industrial customers of Allianz Global Corporate & Specialty (AGCS).
Around €700 million of the total loss estimate has been set aside by Allianz for its insured clients in Germany.
The insurer notes that AGCS expects claims payments of over €100 million for affected companies in western Germany and Benelux.
The July flooding has been compared to the Elbe flood of 2002, which cost Allianz €917 million. However, once price increases are considered, the value today is €1.76 billion.
“So depending on which value you use for the 2002 flood, the value then or the current value, Ilse or Bernd is the biggest event so far in the entire history of Allianz,” explains Thorsten Fromhold, Head of Portfolio Management & Retrocession at Allianz Re.
