Insurance companies are expecting huge damages following the devastating floods in southern Germany. However, the total damage is likely to be even higher.
The floods in Bavaria and Baden-Württemberg are costing German insurers billions. “We expect insured losses in the order of two billion euros,” said Jörg Asmussen, General Manager of the German Insurance Association (GDV), in Berlin.
Flood balance only provisional
“Because the flooding has not yet receded, particularly on the Danube, this estimate is still subject to a certain degree of uncertainty,” he added. In recent months, insurers have already had to pay out around 200 million euros each for flooding in Saarland and Lower Saxony.
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However, the total damage from the floods in the south is likely to be much higher: public infrastructure such as roads and bridges is generally not insured. In addition, only some houses are insured against flooding: in Bavaria the rate is around 47 percent, in Baden-Württemberg it is 94 percent.
Source: Stern
