The other day we reported that information from satellite expert ICEYE showed that upwards of 43,400 structures were estimated to have actually been impacted by the current extreme flooding throughout Europe.ICEYE has actually now updated its analysis and included significantly to the figure, saying that nearly 72,000 buildings, perhaps more as these are still minimum figures, are assumed to have actually been affected in some way by the floods.
The data now recommends a minimum of 71,859 buildings were affected by the floods, 37,662 in Germany, 26,371 in Belgium, 3,053 in Luxembourg, 1,696 in thee Netherlands and 866 in France.
Germany stays the centre of this disastrous flood event, both from the loss of lives experienced and the damage to structures.
Yesterday, the German insurance coverage industry association provided the very first signal of how high the ultimate insurance and reinsurance market loss may increase, stating that it expects in between EUR 4 billion and EUR 5 billion of insured flood losses simply for part of the country.
ICEYEs data on Germany offers further proof of how big the insurance and reinsurance market loss might end up being, as it says a minimum 10,539 buildings were affected by flood waters thought about to have a high depth, with 10,587 being struck by medium depth floods and 16,536 low.
The sample ICEYE visualisation above is taken from these floods for Bad Neuenahr-Ahrweiler, Germany, revealing a total of 2,907 buildings within the flood degree, 1,052 with high water depths.
We also reported yesterday that at a EUR 5 billion industry loss, the flooding effects might put upwards pressure on some reinsurance renewals in Europe.
Likewise check out:
— Europe floods will not impact cat bonds, reveal requirement for defense: Plenum.
— European flood losses anticipated in the numerous billions of Euros: Aon.
— European flood market loss seen up to United States $3bn by Berenberg.
— Insured flood loss simply in part of Germany said EUR 4 to 5 billion: GDV.
— European flood losses might support reinsurance renewal costs: BofA.
— Minimum 43,400 structures affected by European floods: ICEYE.
— Ongoing European flood occasion to drive market losses in the billions.