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Spain floods could be among costliest insured events on record: insurers and reinsurers brace for major claims, with Aon and Munich Re highlighting rising climate-driven catastrophe losses

Published on: 05 November 2024

Published by a Law360 reporter
Legal News
Article summary

On 31 October 2024, Aon stated that a comprehensive assessment of insured losses was not yet available. However, the insurance broker warned that the bill for damage to homes and other property alone was likely to reach the hundreds of millions of euros. Several days of flash flooding across four regions have torn through bridges and vehicles, reportedly claiming more than 200 lives. Troops have been mobilised following forecasts of further downpours in the Valencia region between 2–3 November 2024...

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