GLRE - Allianz Expects Euro900m Flood Loss To Recover Euro500m+ From Reinsurance

• Storm Bernd struck Central Europe in July and caused most of its damage from flooding caused by a number of major rivers overflowing following extreme rainfall levels.
• Given Europe had faced more severe storms and floods in June as well and further storm activity in August, it likely means Allianz is facing a billion Euro plus gross claims burden from recent weeks of storm activity across the continent.
• Allianz’s reinsurance panel are now anticipating their own burden, as the company expects that after reinsurance and reinstatement premiums, its net loss from the storm Bernd impacts and flooding will only be around €400 million.

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