Generali to tap reinsurance for June storms and July flood losses

Generali to tap reinsurance for June storms and July flood losses

International insurance provider Generali revealed this morning that it has used its reinsurance arrangements to assist pay for natural catastrophe claims from the first-half of the year and that it expects to do so once again for its share of the European flood losses from July.Generali reported EUR 218 million of net natural catastrophe claims for the first-half of 2021, greater than the previous years EUR 118 million.
These catastrophe losses affected Generalis P&C business and originated from extreme storm Filomena that impacted Spain in January, along with the severe storms, convective weather and floods that impacted main Europe in the month of June.
Generali has a EUR 100 million per-occurrence cap on retained losses from disasters before its reinsurance program begins to support its paying of claims.
The company said that the storms in Europe in June, which mostly affected the region from June 19th to 25th, were one event that saw it reach its reinsurance trigger.
In addition, Generali offered some assistance on what it anticipates from the more current severe flooding across Europe and in particularly Germany in July.
The July flooding is set to be one of the biggest disaster events recently in Europe, with ramifications for all of the significant insurance coverage and reinsurance companies.
As weve explained in the past, the German insurance association anticipates claims in its nation alone will be between EUR 4.5 billion and EUR 5.5 billion.
Insurer Allianz said that it anticipates EUR 500 countless flood losses from the effects in Germany, a figure that recommends the carrier could receive some reinsurance assistance.
In addition, insurer AXA stated that it approximates that losses from Julys floods that hit Germany, Belgium, and other parts of Western and Central Europe, will be around EUR 400 million, which it reported before tax and internet of anticipated reinsurance recoveries.
Generali stated today that it believes its losses from the July flooding event will be topped at EUR 100 million by its per-occurrence reinsurance plans.
The majority of the July flood losses are from Germany, Switzerland and Austria, as Generali doesnt have direct exposure in Belgium or the Netherlands.
Which recommends Generalis net loss from the flood event will be lower than other international gamers it competes with, possibly showing the benefit of choices made in structuring its reinsurance program plans.

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