Aon estimates €1.65bn market loss from September Central Europe flooding

Broking group Aon has revealed a market loss estimate for the Central Europe Flooding in September 2024, caused by Storm Boris, of €1.65 billion.

According to the firm’s Event Response report, the deadly flooding resulted from an extreme amount of rain that fell over a large area of the region from September 12 – 16.

“Primary synoptic feature associated with the event was the low-pressure system Boris (alternatively Anett), which developed in the central Mediterranean as a Genoa low and stalled over the region, bringing rounds of torrential rain for several days,” Aon explained.

The broking group’s report noted that significant damage occurred in parts of the Czech Republic, Poland, and Austria, contributing €775 million, €285 million, and €555 million, respectively, to the total market loss estimate.

In the Czech Republic, the most affected areas were in the Opava, Odra, and upper Morava catchments, with instances of catastrophic damage in the Jeseníky region.

Additional impacts were reported from other countries, including western and northwestern Slovakia, as well as in parts of Romania. In total, at least 28 people were killed, while others remain missing.

As per Aon, these losses are based on a fully reconstructed event using rainfall observation data, modelled in Impact Forecasting flood models.

The loss estimates are based on exposure data representing more than 90% market share and indexed to 100%. Only the damage caused by fluvial and pluvial flooding is modelled.

At the same time, losses caused by other perils (e.g. windstorm, landslide, hail) are not included, and neither are losses covered by facultative reinsurers and losses incurred by insurance policies not written locally.

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