W&W Group, or Wüstenrot & Württembergische AG, a major German insurance carrier, has reported that it expects a €400 million gross loss from the flooding in July, but this will be minimised by its catastrophe reinsurance program.
It was the company’s Württembergische Versicherung unit that has experienced the largest impact, being the most property exposed within the region of Germany that was particularly badly impacted by July’s flooding disaster.
The company said, “We currently expect that claims for the year as a whole will be considerably higher than the figure for the previous year due to the flooding catastrophe in July. However, we had proactively obtained reinsurance to cover such a contingency.”
