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Gjensidige CEO: Warm weather limited Norway's Q2 flood damage to 'marginal sum'

Helge Leiro Baastad, the CEO of Norway's biggest insurer Gjensidige Forsikring ASA, is anticipating a "marginal sum" of just below 100 million Norwegian kroner in total market flood damage in the second quarter.

He attributed his projection to warm and dry weather that followed some flooding in early May, but warned in an interview with Reuters that the level of large losses is "very volatile."

As of May 31, US$1 was equivalent to 8.19 Norwegian kroner.