Reports confirm that Vienna Insurance has missed its estimates with its profit figures dropping by almost 85% due to flooding.

In the today's statements coming from the company, the officials have confirmed that the Austria's biggest insurer i. e. Vienna Insurance Group AG (VIG)'s second-quarter profit have gone extremely down.

They have blamed the central European floods for such loss, which they said have proved worst for the company with tripling requests for damage compensation coming up. As an effect of the news, the shares of the company have also witnessed a fall.

According to the officials' reports, the company's profit for the period ending June 30 fell by 69 percent reaching to 46.3 million euros ($61.4 million). With the above figures, it has been confirmed that Vienna Insurance has missed out the estimate of 67.8 million-euro averagely that was made by five analysts.

Bloomberg data revealed that the company's net income has drastically fallen down by 85 percent reaching to only 16.7 million euros. Moreover, the premiums also fell by 8.4 percent reaching to 2.3 billion euros.

Weather-related "damages were three times as high as in the same period of the previous year," Vienna Insurance said. Till now, the insurer has received flood claims worth 180 million euros. The total weather-related claims stand at 230 million euros.