PERILS, a Zurich-based organization providing catastrophe insurance data, released its third insurance industry loss estimate for the Central Europe and Italy floods that occurred from September 14 to 20, 2024.
The estimated market loss now stands at €2.19bn, up from the previous estimates of €2.08bn and €1.89bn issued six weeks and three months after the event, respectively.
The majority of the losses occurred in Austria, the Czech Republic, and Poland, with Italy and Slovakia also impacted.
The data combines the PERILS CORE methodology, which scales loss data from affected insurers to full market levels, and the PERILS EXTENDED approach, which incorporates expert evaluations from various industry sources.
This integration provides a comprehensive data source for natural catastrophe losses outside the U.S.
Insurance industry loss estimate for the floods in Central Europe
The flooding resulted from the low-pressure system Boris (also known as Anett), which brought prolonged heavy rainfall over Central Europe.
Eastern Austria, the central and eastern Czech Republic, and southwestern Poland experienced severe flooding.
The system then moved toward central Italy, causing further flooding in Emilia-Romagna and Marche.
Loss breakdowns for Austria and Italy are provided by CRESTA Zone and property line of business. Loss data for the Czech Republic, Poland, and Slovakia are reported at the country level. Rainfall measurements for affected areas are also available at CRESTA Zone resolution.
PERILS CEO Christoph Oehy stated that the event marks the largest flood loss in Europe since the Bernd Floods of July 2021.
It contributes to the substantial international flood loss toll of 2024, which included major floods in Dubai (April), Rio Grande do Sul in Brazil (April-May), Southern Germany (June), Ex-Hurricane Debby in Canada (August), and Valencia, Spain (October).
By integrating CRESTA CLIX into PERILS we are able to provide a more comprehensive event loss view of the Central Europe Floods.
Christoph Oehy, PERILS CEO
“The combination of PERILS CORE and PERILS EXTENDED represents a big step forward for the industry-loss-based risk transfer market, and we look forward to working with the industry to explore the range of possibilities this creates and to help drive further innovation in the sector,” Christoph Oehy said.
The Central Europe and Italy floods of September 2024 were caused by the low-pressure system Boris, also known as Anett. The flooding occurred from September 14 to 20, bringing prolonged heavy rainfall across a wide area.
The floods were triggered by heavy and persistent rainfall associated with the Boris low-pressure system.
The severe weather caused widespread flooding, resulting in major property damage and economic disruption across the affected areas.
This event marked the largest flood loss in Europe since the Bernd Floods in July 2021 and contributed to the high number of international flood losses recorded in 2024, including major floods in Dubai, Brazil, Germany, Canada, and Spain.
