Global reinsurance broker Gallagher Re estimates that the insured losses from the severe floods in central Europe, which occurred mainly from September 12-15, are likely to range between EUR 2.0 to 3.0 billion (USD 2.2 to 3.3 billion).
A slow-moving low-pressure system caused continuous rainfall across central Europe, leading to severe and costly flooding, particularly affecting Poland, the Czech Republic, Slovakia, Austria, Hungary, Slovenia, and Romania.
Gallagher Re’s recent report reveals that the floods have resulted in at least 24 fatalities: 10 in Poland, 7 in Romania, 4 in the Czech Republic, and 3 in Austria. Hundreds have been rescued from rising waters, and thousands across Europe have been evacuated.
The floods caused severe damage to residential and commercial properties, vehicles, infrastructure, and agribusiness operations.
The European Severe Weather Database (ESWD) recorded over 1,120 instances of heavy rain since September 11.
At the height of the floods, around 300,000 customers were left without electricity due to the severe weather.
In parts of Austria and the Czech Republic, total rainfall reached or exceeded 300 millimetres (11.8 inches), while several stations in southwestern Poland recorded over 150 millimetres (6 inches) within a 24-hour period.
The event was well predicted by weather models, and public warnings were issued days before the heaviest rains. Enhanced warnings and recent investments in flood defences have played a crucial role in reducing losses.
Gallagher Re notes that re/insurers are closely monitoring the flood situation in Europe, given the recent pattern of significant weather events in the region.
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.”
