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.

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