Cost of floods in Hautes-de-France rises to 640 million euros

The account increases to 640 million euros. The Central Reinsurance Fund (CCR) estimated the increase in losses in Hautes-de-France in November at 75 million euros, and new losses in January at 15 million, according to AFP, which confirmed information from Les Échos. The CCR initially estimated the damage at €550 million at the end of November.

These additional costs arise, for example, from newly affected waterlogged walls, for which only drainage measures have so far been taken. “However, here we will have to start again and then think about repairs,” explains Antoine Quentin, director of reinsurance and public funds at CCR, in the economic daily.

This amount will first be borne by private insurers who will then reimburse half of the amount from the CCR, with floods falling under the cat nat category of natural disasters.

Not twice the franchise

For individuals, insurers have pledged not to apply twice the amount of 380 euros provided for flooding of a house. In many cases, the remainder must be directly financed by the Hautes-de-France region and the departments of Pas-de-Calais and Nord, which have provided exceptional assistance.

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On the other hand, for a business the deductible is 10% of the amount of damage or a minimum of 1140 euros. The question of its removal in the event of repeated flooding remains unanswered. “If the first loss in November is not recovered, there will be no second franchise for businesses because it is an aggravation of the loss,” says Antoine Quentin at Les Échos. We have the same doctrine as for individuals under the disaster compensation regime.” However, insurers, for their part, believe that no benefits are planned.

The Central Reinsurance Fund (CCR) estimates the bill could get even longer: “This cost estimate takes into account the data we have to date and may be re-estimated based on feedback from claims from our insurance clients,” she added.