September Central European floods
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Howden Re’s insights on the late September Central European floods, demonstrate the positive impact that continued flood resilience investment can have in affected regions, compared to historical events. Central Europe is again facing a continuation of summer flooding, after last year’s events in Italy and Slovenia, the 2021 Bernd floods and prior reference events for the region in 1997, 2002, 2010 and 2013. In May/June of this year Germany and Switzerland experienced extra-ordinary prolonged rainfall attributable to a Vb weather pattern. The mitigation measures are essential as climate cycles are changing. Howden Re’s analysis of both precipitation and gauge data across Central Europe has highlighted a clear observed time-trend with European rainfall patterns and have subsequently developed a climate-conditioned view of European flood risk to stress test portfolios and assess the impact of these shifting trends.
Tim Edwards Managing Director and Head of International Catastrophe & Actuarial Analytics, Howden Re International Treaty, commented: “As Europe grapples with changing patterns of flood events, it is imperative that we adapt our strategies to stay ahead of emerging risks. Whilst floods are commonplace in the region, increased preparedness and investment in societal resilience have been pivotal to mitigating the impact of this event from a reinsurance perspective. At Howden Re, we are championing a collaborative approach to risk management, urging all stakeholders, including cedents, reinsurers, intermediaries, and capital providers, to consider the role of flood resilience and leverage advanced risk assessments considering current day, not just historical risk. By working together, we can better understand and adapt to the changing nature of flood risks and secure comprehensive coverage to these emerging sources of earnings volatility.”