Damages will have a significant impact on local insurers
The first estimates for the France flooding damages, which affected Paris and surrounding regions in the country, will be in the region of $2.3bn, according to French mutual insurers group MAIF director general Pascal Demurger.
These figures are expected to be at least three times bigger than the ones seen in the 2015 southeastern France floods, which amounted to $680m. According to Demurger, they will represent a significant impact to the French insurance industry, with major primary insurance companies likely to take a large retention and some of the loss being passed on to global reinsurance markets.
With over 43,000 claims cases lodged already, the number will keep on rising as the stagnant water drains and the Seine returns to its normal level, which according to local authorities could take up to 10 days.
Storm damage and flooding have also affected Germany, Belgium and the Czech Republic in the last week, and all of these damages combined are expected to represent a considerable amount to be paid for by European and global reinsurance players.