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German Floods Cause Up to 5 Billion Euros in Insured Losses: Association

Houses are submerged on the overflowed river banks in Erdorf, Germany, as the village was flooded Thursday, July 15, 2021. Continuous rainfall has flooded numerous villages and cellars in Rhineland-Palatinate, southwestern Germany. (Harald Tittel/dpa via AP)

Houses are submerged on the overflowed river banks in Erdorf, Germany, as the village was flooded Thursday, July 15, 2021. Continuous rainfall has flooded numerous villages and cellars in Rhineland-Palatinate, southwestern Germany. (Harald Tittel/dpa via AP)

We are currently expecting insured losses of four to five billion euros, Joerg Asmussen, chief executive of the GDV, said in a statement.

The damage caused by devastating floods in Germany last week is likely to cost the insurance industry up to five billion euros ($5.9 billion), the GDV insurance industry association said on Wednesday.

“We are currently expecting insured losses of four to five billion euros," Joerg Asmussen, chief executive of the GDV, said in a statement, calling the disaster “one of the most devastating storms in recent history".

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first published:July 21, 2021, 19:08 IST