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Munich Re, Allianz Face Millions in Flood Damage Claims

Reinsurer Munich Re is likely to face damage claims of $333-466 million from flooding in central Europe, a bank analyst predicted on Friday, after Allianz pencilled in its own net hit at 350 million.

By Jonathan Gould, Reuters | Updated on June 14, 2013

Reinsurer Munich Re is likely to face damage claims of 250-350 million euros ($333-466 million) from flooding in central Europe, a bank analyst predicted on Friday, after Allianz pencilled in its own net hit at 350 million.

Credit rating agency Fitch has forecast damage from the floods–the worst in the region since 2002–could reach 12 billion euros in Germany alone, of which insurers could cover up to 3 billion.

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