Extreme weather in Europe
By Anandi Shah, FIA; Arije Amara; Niccolò Basetti Sani Vettori, ISOA; Mohamed Benkhalfa, FIA; Diana Dodu, Full Member ARA; Lucian Franzky, MSC; Ankush Hingorani, IAE; Ian Penfold, FIA; Francesco Pugassi; Antoine Rainaud; Jose Silveiro, IA; Francesca Tiozzo; Menno van Wijk, AAG; Laura Witting, AVÖ; and Victoria Zach, AVÖ
The 2024 floods and other extreme weather events across Europe
As the climate crisis intensifies, extreme weather events—severe natural catastrophes at extreme ends of historical trends—are increasingly the norm. The year 2024 was the warmest year ever recorded and the first to exceed the pre-industrial global mean temperature by more than 1.5°C.
Because a warmer atmosphere can hold more moisture, severe rainfall and floods are becoming more common. While countries across Europe experienced a range of extreme weather events in 2024, including drought, wildfire and heat, flooding was among the most prevalent, and most expensive, climate hazards.
Milliman’s annual report focuses on 10 European countries, reviewing numerous episodes of flooding and other extreme weather events and assessing their financial and policy impacts on insurers, governments and communities. It also offers actionable steps that insurers can take now to proactively manage climate-related financial risks and create a sustainable future.
Key takeaways:
- Milliman analysis of the European Extreme Events Climate Index (E3CI) dataset found extreme precipitation was 9.2 times higher than the reference period of 1981 to 2010. Odds ratios confirm 2024 as the most flood-prone year on record.
- The two costliest insured events in Europe in 2024 were the September floods in Central Europe after Storm Boris (€2.2 billion), and the southern German floods in May (€1.6 billion), according to PERILS.
- Repeated losses after extreme weather events have driven up reinsurance costs and consumer premiums. In countries including Austria and the UK, insurers are considering reducing coverage in high-risk areas.
- Several countries have pursued advances in risk modelling and assessment tools, while across Europe governments and insurers have adopted risk-sharing arrangements to help address the mounting costs associated with climate change.
Scroll down for more highlights of our research—including a country-by-country breakdown of flood impacts and mitigation steps for insurers—and download the PDF for the full details.
Where were the European floods?
Countries across Europe experienced flooding in 2024, whether in the aftermath of storms or due to high amounts of precipitation falling in a short period of time.
Hover over the highlighted countries below to review some of the major events and their impacts.
Austria
Belgium
France
Germany
Italy
Luxembourg
Netherlands
Romania
Spain
UK
Flood risk modelling in Europe
What insurers can do now to manage the risks posed by climate change
Another year of extreme weather in Europe emphasised the need for insurers to take action now to prepare for the financial impact of the mounting climate crisis.
Options include the following:
See more analysis and actionable steps for insurers
Connect with a Milliman climate expert near you
Our actuaries and researchers across Europe continue to study the impact of extreme weather events to help insurers, policymakers, and communities create a sustainable future.
Click on a flag to contact an expert in that country:
Milliman Climate Resilience Initiative
Drawing on our unique expertise in risk, we’ve united leaders from insurance, government, academia, and non-profits to help anticipate and address the most pressing climate problems.
