Severe floods in southern Spain are projected to result in insured losses exceeding €1 billion ($1.1 billion), following catastrophic damages reported from October 29-30. The natural disaster has claimed more than 200 lives and significantly impacted properties, vehicles, businesses, and the agricultural sector. Coverage for part of the losses will be provided by the state-owned Consorcio de Compensación de Seguros, which oversees Spain’s extraordinary risk insurance scheme. Experts believe that despite this compensation, the private insurance and reinsurance industries will still face substantial claims that could affect their profitability.