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A man carries a woman from her flooded home after the small town was hit by flooding in Simbach am Inn, Germany, Thursday, June 2, 2016. (AP Photo/Matthias Schrader)

(Bloomberg) — Insurers will face higher-than-expected claims related to floods in Germany, according to Fitch Ratings, dealing another blow to an industry squeezed by low interest rates and decreasing prices for policies.

Claims linked to torrential rain, thunderstorms and floods that hit southern Germany from the end of May could reach 1 billion euros ($1.1 billion), Fitch said in a report Tuesday. The credit-rating company said public-sector insurers may be most affected by the disasters, including Versicherungskammer Bayern and SV SparkassenVersicherung Holding AG, both owned by German regional savings banks.

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