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Insurers to meet ministers as flood conditions reach worst-in-decade levels

Insurers to meet ministers as flood conditions reach worst-in-decade levels

Insurers to meet ministers as flood conditions reach worst-in-decade levels Insurers in France are today meeting with the Prime Minister as they attempt to discover some solutions for the ongoing Seine river crisis.

Some carriers are predicting costs will reach two billion euros due to flooding in the Centre and Ile-de-France regions with the Seine receding after reaching its highest levels for more than three decades.

At 2am on Saturday, the river hit a level 6.10 metres (20ft) above its benchmark before dropping slightly to 5.5 metres above its benchmark by Sunday evening, according to a French floods watchdog.

While French finance minister Michel Sapin has insisted that the French economy won’t be affected, Bloomberg is reporting on a statement from the minister’s office revealing that agency administrators involved in flood response will meet with the Prime Minister today.

It is widely expected that President Francois Hollande will declare a “natural catastrophe” in the country later this week – which would open the way for insurer payments. Costs to insurers have been predicted to reach 600 million euros by the AFA, the French insurance industry association; while Maif, one of the larger insurance companies in France, is quoted in Figaro Daily as suggesting the cost will actually reach two billion euros.