German floods caused losses of up to five billion euros

Berlin-Sana

The German Insurance Industry Association announced today that the damage caused by the devastating floods that swept parts of the country last week could cost insurance companies up to five billion euros.

"We expect insured losses of between four and five billion euros," Federation President Jörg Asmussen said in a statement, describing the disaster as "one of the most destructive storms in modern history."

According to the union, the insurance covers all residents of single homes and group dwellings against the risk of storms, but only 46 percent are covered against other natural disasters such as heavy rain and floods.

The last record amount in terms of compensation for insured losses dates back to August 2002, when it amounted to 4.65 billion euros, after the flooding of the Elbe River in the east of the country following extreme climatic conditions that affected all of Central Europe.