Second-quarter 2013 catastrophe losses for Zurich and XL Group total more than $400 million, with the former shouldering the larger share. Zurich says its losses amount to $278 million, including floods in Europe and severe storm damage in the U.S.

The Switzerland-based insurer says floods in Central and Eastern Europe amounted to approximately $140 million in losses. The European flooding was the worst in the region in more than a decade, causing extensive damage along the Danube and Elbe main watersheds in May and June.

In the U.S., two severe tornadoes that hit the Oklahoma City Metropolitan area in May will cost approximately $138 million. The losses will be borne by both its Zurich North America and Farmers Re groups.

Zurich's estimates are net of reinsurance and before tax.

Dublin, Ireland-based insurer XL Group says its second-quarter cat losses could amount to approximately $135 million. Losses contributing to this estimate include flooding in Europe, Argentina and Canada, and tornadoes and hailstorms in the U.S.

The largest of these events, European flooding, accounts for approximately half of the estimate.

XL cautions that the estimated loss figure is preliminary and involves the exercise of considerable judgment. The carrier adds that there is “considerable uncertainty” associated with the numbers and it is subject to revision as more data is gathered.

Additionally, XL says its reinsurance segment will share 45 percent of the loss.

Special Reports /

Q2 Catastrophe Losses for Zurich, XL

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