Floods in Germany: damage costs

Germany floodsThe association of German insurers (GDV) has revised upwards the cost of the floods that took place on 13-14 July 2021. The insured losses are believed to range between 4.5 and 5.5 billion EUR (5.3 and 6.5 billion USD).

The first estimates concern only the damages caused by the floods in North Rhine-Westphalia and Rhineland-Palatinate. The new forecasts include other German regions such as Bavaria and Saxony. The insurer Allianz alone expects 500 million (590.8 million USD) of losses.

The storms, floods and heavy rains of 2021 could be the most costly since 2002, the year when bad weather cost insurers 10.9 billion EUR (12.8 billion USD).

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