Other insured loss estimates from this event have been released, including a range of €2 billion to €3 billion from Gallagher Re, while Aon warned that total insured property losses stemming from the event will most likely exceed €1.5 billion.
“Although the nominal value may exceed that of 1997 due to inflation, in real terms, it remains lower. Overall, the 2024 event does not reach the magnitude of the 1997, 2002 and 2010 events, either in terms of rainfall intensity or the resulting financial damage.
“Early assessments indicate a significantly reduced number of affected properties — approximately 20% of those impacted in 1997 — and overall financial damages are expected to be lower than the 2010 event,” says Guy Carpenter.
In 1997, the Oder and the Vistula rivers reached levels that had return periods in the 1000s of years, and resulting flooding was associated with an upper cut off low over Southeast Europe. Guy Carpenter notes that the cyclone track was similar to the September 2024 event.
The current floods also have similarities to the 2002 event, which caused devastating floods across Austria, the Czech Republic, and parts of Germany, which led to the Elbe and Danube catchments being overwhelmed.
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Publish date : 2024-09-25 00:31:00
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