Group sees $8.2B insured damage from German floods
Devastating floods in western Germany last month likely caused insured damage to the tune of about $8.2 billion, an insurance industry group said Wednesday, significantly increasing its previous estimate.
More than 180 people died in Germany and hundreds more were injured in the July 14-15 floods, which also claimed lives in neighboring Belgium. Heavy rainfall turned small streams into raging torrents, sweeping away houses, bridges and cars.
Joerg Asmussen, the head of the German Insurance Association said that residential buildings, household equipment and damage to companies accounted for about $7.6 billion of the estimated damage, while vehicles accounted for another $529 million.
The umbrella group for private insurers had previously estimated that insured damage would total $5.3 billion to $6.5 billion.