Insurers faced losses of €2 bn to €3 bn from flooding after Storm Boris hit Austria, Poland, and the Czech Republic last month, according to estimates from Verisk.
Some of the most affected areas were along the Poland-Czech Republic border. In Poland, over 6,000 agricultural, commercial, and 700 public-use buildings were damaged or submerged.
Additionally, more than 11,500 residential buildings were affected. Verisk noted that most commercial risks in Poland are insured, but flood coverage for homes and automobiles remains limited.
Verisk highlighted that the economic impact covered by insurers will differ across countries. Austria and the Czech Republic have relatively high flood insurance take-up rates. However, Austria’s lower flood coverage limits may reduce the final insured loss total.
In the Czech Republic, the Czech Insurance Association reported over 60,000 claims, with insured losses reaching approximately €770 mn. About 60% of these losses were related to business insurance.
Meanwhile, mild to moderate flooding also occurred in Germany, Hungary, Romania, Slovakia, and Italy, though Verisk excluded these damages from its estimates.
As of September 19, we have delivered five flood analysis reports for Poland and three for Austria. Based on our fifth data release for Poland in Esri ArcGIS, we estimate that at least 20,000 buildings could be impacted by the flooding in the South of Poland.
Boris has finally shifted out of the region, bringing an end to the rainfall in Austria, Czech Republic, and Poland.
“ICEYE is cooperating with local, national and Pan-European agencies to deliver near real-time flood data to support the emergency response efforts around Storm Boris. Throughout this crisis, our teams will continue leveraging our advanced satellite technology to provide insights and a clearer picture on the ground for emergency responders across Europe,” explains Stephen Lathrope, our SVP of Solutions at ICEYE.
Verisk’s estimate includes insured losses related to damage to autos, residential, commercial, industrial, and agricultural properties, both on and off floodplains in Austria, Poland, and the Czech Republic. It also accounts for residential additional living expenses and business interruption losses.
Earlier, Guy Carpenter estimated €1.6 bn to €2.1 bn in losses related to Storm Boris across Central and Eastern Europe.
They detailed estimated losses by country: €600 mn to €750 mn in the Czech Republic, €550 mn to €650 mn in Austria, €350 mn to €550 mn in Poland, and €100 mn to €150 mn across Slovakia, Hungary, and Romania. This was the largest flood event in the region since 2010.
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