Europe

Partner Re hit by floods

Bermudan reinsurer, Partner Re is expecting claims of around US$100mn from the recent floods in eastern and central Europe. The region has seen its heaviest rainfalls for more than a century. Austria, Germany and the Czech Republic have been the most affected. Insured losses are estimated at $1.5bn while economic losses are estimated at $6bn. Partner Re is heavily exposed to European catastrophe risks. However, chief executive Patrick Theale warned that the $100mn figure was a rough estimate and that the company would have a better idea of its total loss figure once the flooding subsided.