The European floods will cost insurers about $3.3 billion, according to analysts at Merrill Lynch. Reinsurers are expected to carry about about two-thirds of the total, with Munich Re copping a $387 million bill and Swiss Re about $308 million.

The floods, which hit Germany, Italy, the Czech Republic, Hungary and Austria, will cost about $16 billion in total, with governments bearing much of the cost.

Damage reports are still being received, and the reinsurers are refusing to discuss payout estimates.