Swiss Re estimates recent European flood losses at $300 million

Swiss Re Ltd. said its losses from the recent floods in central and eastern Europe would result in losses of about $300 million for the company.

Swiss Re said in a statement Monday that the claims estimate was net of retrocession and before tax.

The company said that industrywide losses from the floods that affected areas of Austria, the Czech Republic, eastern Germany, Hungary and Slovakia likely would be between $3.5 billion and $4.5 billion.

“Effective local prevention measures spared many regions from large losses,” Swiss Re said in the statement. “In Prague, for example, mobile flood barriers were erected, which saved most of the city from significant flooding,” it said.