Zurich Insurance Sees Flood and Tornado Claims at $278 Million

Zurich Insurance Group AG (ZURN), Switzerland’s biggest insurer, said claims from the floods in Central and Eastern Europe in May and June and two tornadoes in the U.S. could reach $278 million.

The insurer will record the losses in its half-year results due on Aug. 15, the Zurich-based company said in an e-mailed statement today. The firm estimates flood losses at $140 million and claims from tornadoes at $138 million.

Losses in Central and Eastern Europe stem from severe flooding, the region’s worst in more than a decade, which caused extensive damage along the Danube and Elbe main watersheds. Two tornadoes hit the Oklahoma City Metropolitan Area in May.

“Our group continues to share its resources and expertise to help build more resilient communities and improve pre-event mitigation through numerous initiatives such as our flood resilience program,” Chief Executive Officer Martin Senn said in the statement.

Scor SE (SCR) said today it estimates pretax losses from the flooding at 80 million euros ($104 million)

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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