Insurance Post

Swiss Re and MMC to create flood risk solution

Swiss Re has joined forces with leading Czech technology company MultiMedia Computer (MMC) to produce a new flood risk assessment tool for the Czech insurance market.The model comes after severe flooding hit central Europe in August 2002, when the rivers Elbe and Danube, as well as other subsidiaries, burst their banks after torrential rain. The flooding caused EUR800m in damages in Prague alone, and inflicted another EUR6bn of damages in the German state of Saxony. Total costs from the even