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A boy crosses the flooded market place of the city of Wehlen at the river Elbe in Germany on June 4. (AP Photo/Markus Schreiber)

Catastrophe modeler Eqecat says floods in Central Europe are the most damaging since 2002, when insured losses nearly reached US$3.9 billion.

The firm says no catastrophe bonds are yet exposed to the worst widespread flooding the region has seen in more than 70 years–affecting major cities in Germany, Austria, the Czech Republic, Switzerland, Hungary, Slovakia and Poland.

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