home Finance, Local News Bad Weather on the French Riviera: The Estimated Bill Between 550 and 650 Million euros

Bad Weather on the French Riviera: The Estimated Bill Between 550 and 650 Million euros

Damage caused by Bad weather esimated up to 650 million euros
A car hit by bad weather in the streets of Cannes October 4, 2015 – JEAN LIOU AFP

The French Insurance Association (AFA) published Friday a first estimate …

Flooded homes, swept away cars, roads and blocked railways … Nearly a week after the bad weather that caused the death of twenty people in the Alpes-Maritimes, it is time for the claims to start with insurers.

According to an estimate published on Friday by the French Insurance Association (AFA), “the damage caused by the floods should lead to more than 60,000 claims for an insured amount estimated between 550 and 650 million euros “.

These severe storms and flooding that followed are among the most deadly in recent years in France.  Two Germans are also still missing.

“The profession, in conjunction with public authorities, has (…) rolled out a series of concrete measures to facilitate the accompaniment of insured, the declaration of their claims and compensation for them,” recalled in its press association, which brings together the two main federations of insurers in France.

Declaration of state of natural disaster

Among the measures already announced, the delay in reporting of claims, which must usually be made within 10 days of the declaration of a state of natural disaster, were extended until October 31.

This order of declaration of the state of natural disaster was published Thursday in the Official Journal.

It covers 18 towns in the Var (Les Arcs, Brignoles Cabasse Callas, Camps-la-Source, Flassans-sur-Issole, Flayosc, Forcalqueiret, Fréjus, Méounes-les-Montrieux, La Motte, Néoules, Puget-sur Argens, The Roquebrussane, Saint-Antonin-du-Var, St Raphael, Le Thoronet, Trans-en-Provence) and 14 towns in the Alpes-Maritimes (Antibes, Biot, Cagnes-sur-Mer, Cannes, Le Canet, Mandelieu-la -Napoule, Mougins, Nice, Roquefort-les-Pins, La Roquette-sur-Siagne, Téoulé-sur-Mer, Valbonne, Vallauris, Villeneuve-Loubet).

High “vehicle claims”

In a separate statement, the central reinsurance fund (CCR) for its part, assessed as the amount of damage resulting from these storms would be between 500 million and 650 million euros, with a “vehicle loss ratio particularly high in relation to what has been observed in the past ”

CCR offers insurers including coverage for all losses caused by drought or water, and occurred in a city or a department having been the subject of a ministerial decree.

The Caisse has also estimated that it would cover about 50% of the amount of damage this weather event, because of the contracts that bind to its insurance customers.

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