Total insured loss could reach $5bn, reinsurer says

Greater balance needed in European regulationa says Lord Adair Turner

SCOR estimates that the recent European flooding will cost it around $104.3m after retrocession and reinstatements, with the total insured loss being $3.9bn to $4.56bn.

The return period of loss will be around 15 to 25 years for Europe, the firm said.

The reinsurer said the flooding was the worst in central Europe since 2002.

SCOR global property & casualty chief executive Victor Peignet said: “With central Europe, and more recently Canadian floods in Calgary and Toronto, the trend of increasing global flood catastrophe losses continues.

“The associated economic disruption raises important sustainability issues for society, and presents challenges to local and national governments all over the world with respect to adequate investment in flood defences and limiting new building in flood zones.”