Zurich Insurance Group (Zurich) announced today that it estimates losses of approximately USD 140 million related to floods in Central and Eastern Europe and approximately USD 138 million, for both Zurich North America and Farmers Re together, related to two severe tornadoes, which hit Oklahoma City Metropolitan Area in May this year. These estimates are net of reinsurance and before tax and will be recorded in the Group’s half-year results, which are due to be released on August 15, 2013.
The losses in Central and Eastern Europe resulted from severe flooding, the worst in the region in more than a decade, which caused extensive damage along the Danube and Elbe main watersheds in May and June 2013.
The losses in the U.S. are related to two severe tornadoes, which hit Oklahoma City Metropolitan Area in May this year. The estimated amount for Zurich’s North America Commercial and Global Corporate in North America businesses is approximately USD 52 million. The estimated amount for Zurich’s Farmers Re business is approximately USD 86 million, reflecting the reinsurance cover provided to the Farmers Exchanges, which are owned by their policyholders and managed by Farmers Group, Inc., a wholly owned subsidiary of the Group.
“Zurich is proud to contribute to society by delivering on our promise to be there for our customers and the communities in which we live and work, particularly when they need us most,” said Zurich Chief Executive Officer Martin Senn. “Our thoughts go out to everybody affected by these disasters. 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.”
