Reinsurer Munich Re is likely to face damage claims of 250-350million euros ($333-466 million) from flooding in central Europe, abank analyst predicted on Friday, after Allianz pencilled in itsown net hit at 350 million.

Credit rating agency Fitch has forecast damage from thefloods–the worst in the region since 2002–could reach 12 billioneuros in Germany alone, of which insurers could cover up to 3billion.

Hundreds of thousands of people in Germany, the Czech Republicand Slovakia have been evacuated from their homes this month asflood waters have swept through countryside and cities, causingfactories to halt production.

“We estimate 250-350 million (euros) for the floods,” JP Morgananalyst Michael Huttner said in a note to clients aboutMunich Re'sexposure, noting the company paid claims of 400 million euros in2002.

Huttner said Munich Re, the world's largest reinsurer, was stillon track to reach JP Morgan's forecast for net profit this year of3.5 billion euros.

Munich Re's own guidance is for net profit of close to 3 billioneuros in 2013, and the average forecast of analyst forecasts is inline with that figure, according to Thomson Reuters data.

Munich Re said it was still too early to provide an estimate forlosses as flood waters in some regions had yet to subside, and thatit could be days or weeks before it has a figure.

Earlier on Friday, Europe's biggest insurer, Allianz, said itexpected to pay out more than 500 million euros to its policyholders for the floods, but around 150 million of the cost would bepassed on to reinsurers, who help shoulder the burden of big lossesin exchange for part of the premium.

JP Morgan's forecast for Allianz's hit, made on Monday, wasaccurate.

Allianz's estimate for the net loss is less than half of the 710million euros it paid out for flood claims in the same region in2002.

Yet a number of individual insurers and Germany's insurancetrade association GDV have said they expect heavier losses thistime around.

Germany will set up an 8 billion euro relief fund for theaffected areas in southern and eastern Germany, sources inGermany's centre-right coalition told Reuters onWednesday.

($1 = 0.7519 euros)