Scor estimates Alberta flood losses at $52M
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Scor S.E. on Wednesday said it estimates its net pre-tax losses from the Alberta, Canada, flooding in June at €40 million ($52.3 million) after retrocession and reinstatements.
The floods, which inundated a large area around Calgary, Alberta, may end up as the costliest insured loss event in Canada's history, noted Victor Peignet, CEO of Scor Global P&C, adding that the flooding may prompt changes in Canadian views of flood insurance.
“It is still early days in terms of assessing the size of the event and its impact for the (re)insurance industry,” Mr. Peignet said in a statement. “However in view of the visible human and economic consequences, we expect the flooding in Alberta and Toronto to further encourage engagement between the insurance industry and the various levels of government in Canada responsible for flood management, in order to find solutions to the limited flood coverage currently available to Canadians.”
Last week, Paris-based Scor said in statement that it estimates net pretax losses from recent flooding in Europe at €80 million ($104.5 million) after retrocessions and reinstatements.
