Germany worst hit country during flooding in second quarter of 2013

Flood losses were the main catastrophe loss for European insurers in the second quarter of 2013, according to SNL Financial.

However, the company described the losses as “manageable” for most of the insurers with exposure to the region.

In a statement, SNL said: “Of the companies that have released second-quarter estimates, the catastrophe losses appear relatively small in relation to total equity.

“For instance, Allianz Group said on 14 June that its losses would be limited to €350m due to its reinsurance covers being triggered, which would amount to only 0.6% of its total equity as of 31 March.”

Germany was the worst hit country, with flooding also affecting Austria, the Czech Republic, Switzerland, Hungary, Slovakia and Poland.