Global specialty (re)insurer SiriusPoint has increased its loss estimate for European floods in July from $30m to between $70m and $100m, following a jump in industry-wide estimates to $10bn.
The figure is net of reinsurance and reinstatement premiums.
The Bermudan firm said the $40m-$70m increase is linked to the “significant” rise in insurance industry loss estimates for the event.
The severe flooding hit Germany’s North Rhine-Westphalia, Rhineland-Palatinate, and Bavaria and Saxony regions, as well as Belgium, France, Luxembourg and the Netherlands on 13-18 July.
David Junius, SiriusPoint chief financial officer, said: “We have been actively monitoring the impact of the devastating European floods in July and have revised our initial loss estimate to between $70m and $100m following the significant increase in industry expectations to approximately €10bn.
“We are also evaluating our exposure to Hurricane Ida and will disclose SiriusPoint’s net loss estimates no later than the release of our third-quarter earnings,” he added.