The catastrophic floods last week in western Germany will cost insurers up to 5 billion euros, the German industry federation GDV said on Wednesday.
Read also: Floods: 200 dead in Europe, including 169 in Germany
"
We currently expect insured losses of 4 to 5 billion euros,
" said Jörg Asmussen, managing director of the insurance federation, in a statement. This makes the "
Bernd
"
depression
, which mainly affected the two Länder of the Rhineland, "
one of the most devastating of the recent past
", he added.