French flood losses

The recent floods, mainly in the Gard region of south-eastern France, could cost insurers some €450mn ($442mn), the French insurers’ association, Federation Francaise des Societes d’Assurances, has estimated. The FFSA are expecting about 50,000 flood claims. The necessary official declarations to cover the floods under the natural catastrophe programme ultimately guaranteed by the state through CCR, the French government’s reinsurance office, have already been signed.