Spain’s Floods Will Cost Insurers Over $3.8 Billion
Destruction following extreme flooding in Chiva, on Nov. 5.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
The floods that devastated the Spanish region of Valencia at the end of last month are expected to trigger total insurance losses in excess of €3.5 billion ($3.8 billion), Moody’s said citing official estimates.
Government projections are based on the first 72,000 insurance claims, with more expected in the coming weeks, according to an Economy Ministry press release cited by the ratings firm.