{"id":518647,"date":"2021-07-28T00:40:32","date_gmt":"2021-07-28T04:40:32","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/verisks-air-worldwide-estimates-insured-losses-for-july-floods-in-germany-could-approach-eur-5-billion\/"},"modified":"2021-07-28T00:40:32","modified_gmt":"2021-07-28T04:40:32","slug":"verisks-air-worldwide-estimates-insured-losses-for-july-floods-in-germany-could-approach-eur-5-billion","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/verisks-air-worldwide-estimates-insured-losses-for-july-floods-in-germany-could-approach-eur-5-billion\/","title":{"rendered":"Verisk\u2019s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion"},"content":{"rendered":"<div class=\"mw_release\">\n<p>BOSTON, July  28, 2021  (GLOBE NEWSWIRE) &#8212; \ufeffExtreme event modeling firm AIR Worldwide estimates insured losses in Germany from July flooding could approach EUR 5 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.\ufeff<\/p>\n<p>Low pressure system \u201cBernd\u201d parked itself over central Europe and brought about significant flooding from July 13 to 18. Germany\u2019s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in some cases, historic rainfall amounts, with the border region between the German states of Bavaria, Thuringia, and Saxony being affected by localized flooding as well.<\/p>\n<p>Impacted German rivers with notable gauge readings include the tributaries of the Mosel and Rhine rivers, some of which reached historically high levels. One area that was especially hard hit is the Ahr valley, which is named after the Ahr River, a left tributary of the Rhine River in Germany. All along the Ahr River, homes were flooded and bridges were broken; in the village of Schuld most buildings were destroyed.<\/p>\n<p>Also heavily affected were the mountainous areas in the border region between the southeasternmost region of Germany and the Austrian states of Salzburg and Tirol. Affected communities include Hallein, Kufstein, and various communities in the region of Berchtesgaden. Communities in the German state of Saxony were also affected\u2014especially in the mountain range Saxon Switzerland.<\/p>\n<p>The restoration of infrastructure such as water and gas pipes, power lines, and roads could take weeks or even months, according to some estimates, which could lead to loss inflation effects.<\/p>\n<p> To produce the loss estimates, AIR analyzed hourly precipitation fields over Germany derived from NASA\u2019s Global Precipitation Measurement (GPM) system during July 5 to 19. Daily observed rainfall data from over 1,600 gauging stations, obtained from the Climate Data Center at Deutsche Wetterdienst (DWD), was also assimilated to improve the quality of the GPM precipitation input. As the vast majority of losses for this event within Germany came from the catchments of the Rhine and Danube basins, the loss estimate is limited to these two river basins within Germany.<\/p>\n<p>River flow data from more than 900 gauging stations in the Rhine and Danube river basins within Germany, obtained from country\u2019s provincial and federal agencies, was used to calibrate and validate the modeled flows.<\/p>\n<p>Included in AIR\u2019s estimates are losses to insured physical damage to property (residential, commercial, industrial, auto, agriculture), both structures and their contents, from both on- and off-floodplain flooding. Other countries and regions that experienced flooding include Belgium, Switzerland, Austria, Luxembourg, and the Netherlands\u2019 southernmost province Limburg, but these regions are not included in AIR\u2019s loss estimate.<\/p>\n<p>AIR notes that many reinsurance contracts are subject to an hours clause (typically 504 hours for flood events). Given the duration of this event, AIR expects the flood to be treated as a single occurrence in Germany.<\/p>\n<p>\n        <strong>About AIR Worldwide<\/strong><br \/>\n        <br \/> AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR\u2019s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit <a href=\"https:\/\/www.air-worldwide.com\/\" rel=\"nofollow noopener\" target=\"_blank\"><u>www.air-worldwide.com<\/u><\/a>. <\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI4ODA3NiM0MzE4NjA2IzIwMjg4Nzk=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/7e03cbba-7fd5-41ed-84a9-0faed0f2d9c1\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Kevin Long\r\nAIR Worldwide\r\n+1-617-267-6645\r\nklong@air-worldwide.com\r\n<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BOSTON, July 28, 2021 (GLOBE NEWSWIRE) &#8212; \ufeffExtreme event modeling firm AIR Worldwide estimates insured losses in Germany from July flooding could approach EUR 5 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.\ufeff Low pressure system \u201cBernd\u201d parked itself over central Europe and brought about significant flooding from July 13 to 18. Germany\u2019s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in some cases, historic rainfall amounts, with the border region between the German states of Bavaria, Thuringia, and Saxony being affected by localized flooding as well. Impacted German rivers with notable gauge readings include the tributaries of the Mosel and Rhine rivers, some of which reached historically high levels. One area that was especially hard hit &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/verisks-air-worldwide-estimates-insured-losses-for-july-floods-in-germany-could-approach-eur-5-billion\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Verisk\u2019s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-518647","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Verisk\u2019s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/verisks-air-worldwide-estimates-insured-losses-for-july-floods-in-germany-could-approach-eur-5-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Verisk\u2019s AIR Worldwide Estimates Insured Losses for July Floods in Germany Could Approach EUR 5 Billion - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BOSTON, July 28, 2021 (GLOBE NEWSWIRE) &#8212; \ufeffExtreme event modeling firm AIR Worldwide estimates insured losses in Germany from July flooding could approach EUR 5 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.\ufeff Low pressure system \u201cBernd\u201d parked itself over central Europe and brought about significant flooding from July 13 to 18. Germany\u2019s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in some cases, historic rainfall amounts, with the border region between the German states of Bavaria, Thuringia, and Saxony being affected by localized flooding as well. Impacted German rivers with notable gauge readings include the tributaries of the Mosel and Rhine rivers, some of which reached historically high levels. 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AIR Worldwide is a Verisk (Nasdaq:VRSK) business.\ufeff Low pressure system \u201cBernd\u201d parked itself over central Europe and brought about significant flooding from July 13 to 18. Germany\u2019s Rhineland-Palatinate and North Rhine-Westphalia regions were particularly affected, experiencing heavy and, in some cases, historic rainfall amounts, with the border region between the German states of Bavaria, Thuringia, and Saxony being affected by localized flooding as well. Impacted German rivers with notable gauge readings include the tributaries of the Mosel and Rhine rivers, some of which reached historically high levels. 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