Filed Under:Claims, Catastrophe & Restoration

German Insurers See Flood Damage Above $2.4B

German insurers are likely to face damage claims from current flooding in the country that are higher than the 1.8 billion euros ($2.4 billion) seen in the Elbe River floods of 2002, insurance association GDV. 

However, reliable estimates for the flood damage will only be available once the water has subsided and the damage can be inspected, the GDV said in a statement.

Analysts at JP Morgan estimated that the Europe's biggest insurer, Allianz, could face a bill of 460 billion euros, or $608.1 million, from flooding in Germany, Austria and the Czech Republic. About 350 million euros is from Germany.  

Some other German insurers have said this month's events look likely to match or exceed the costs of the big floods that hit the region in 2002.

Reinsurer Munich Re on Monday said it would likely take weeks" to arrive at a reliable figure on the cost.

Featured Video

Most Recent Videos

Video Library ››

Top Story

NU Agency of the Year Award, Curabba Agency: Classic values, new tactics

Learn how a small-town, old-fashioned insurance agency tweaked its business model to compete in the digital age.

Top Story

Is terrorism risk insurance coverage necessary?

RIMS tackles this question in its latest report.

More Resources


eNewsletter Sign Up

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.