LONDON, July 19 — Reinsurance losses from the recent European floods are likely to total US$2-3 billion, Berenberg analysts said today.

Flooding has devastated parts of Western Europe since last Wednesday, with the German states of Rhineland Palatinate and North Rhine-Westphalia, as well as parts of Belgium, among the worst hit.

"The European floods are estimated to have cost the reinsurance industry several billions of dollars – we estimate between US$2-3 billion,” Berenberg said in a client note.

Berenberg said major European firms Allianz, AXA, Generali and Zurich were likely among the insurers facing the biggest claims from the disaster.

Allianz would likely face claims of €200-€300 million (US$169.42-US$254.13 million), AXA of €100-€120 million, Generali of €200-€250 million and Zurich of US$140 million, Berenberg said.

Overall losses would likely greatly exceed insured losses, Berenberg said, with only around 45 per cent of buildings in Germany insured against flood and heavy rain. In Belgium, such policies were standard so insurance coverage for the flooding was likely to be higher, the bank added. — Reuters