June 14, 2013 / 6:42 AM / in 4 years

Allianz sees 350 mln eur net hit from Europe floods

FRANKFURT, June 14 (Reuters) - Allianz says it expects a net hit of around 350 million euros ($465.5 million) from the flooding in central Europe, it said on Friday, in its first estimate of the losses.

Europe’s biggest insurer said it expected to pay out more than 500 million euros to its policy holders for the floods, but around 150 million of the cost would be passed on to reinsurers. ($1 = 0.7519 euros) (Reporting by Jonathan Gould; Editing by Christoph Steitz)

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