French Flood Clms Could Reach $290M
Thursday, September 19th, 2002 Catastrophe PropertyRecent flooding in France could cost insurers up to 300 million euros ($291.7 million), according to initial estimates from the French insurer association. The Paris-based Federation Francaise des Societes d‘Assurances said that it is too early to provide official figures for the flooding on Sept. 8-9, as many potential claims have not yet been filed. The flooding caused serious damage to parts of southeastern France, killing 21 and leaving several others missing. Although most French property insurance policies include flood risks, insurer payouts will be offset by the Caisse Centrale de Reassurance, a government program that reinsures economic losses from natural disasters. France‘s largest insurer, Paris-based AXA S.A., said it expects to pay claims of around 75 million euros ($72.9 million) for flood losses.
