German Insurers Count on Billions in Damage After the Flood

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German insurers expect to have to pay out at least four to five billion euros because of last week’s floods in the states of North Rhine-Westphalia and Rhineland-Palatinate.

 

According to the industry association GDV of the insurance sector, which describes the severe weather in a statement as one of the most devastating storms in the recent past.

This is a first estimate of the damage after the floods and rainfall that have wreaked havoc in populated areas. More than 170 people were killed in Germany. GDV emphasizes that the clean-up work in the disaster area is still in full swing.

The damage caused by the storm in states such as Bavaria and Saxony has not yet been included in the initial estimate.

Not all duped Germans can turn to the insurers. According to the Rheinische Post, many people have their homes insured against damage caused by, for example, fire and lightning, but not against this type of water damage.

An expert calculated in the newspaper that nationally, only 43 percent of the properties are insured against such risks.

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