(Reuters) – The German insurance industry organization GDV estimates that there will be up to 5.5 billion euros ($ 6.5 billion) in damage from storms that brought catastrophic floods to parts of the country this month.
The revised estimate of between EUR 4.5 billion and EUR 5.5 billion is higher than a first estimate last week of EUR 4 billion to EUR 5 billion.
Allianz, Germany's largest insurer, gave its first estimate of damages on Tuesday, saying it expects damages of over 500 million euros from storm Bernd.
The flood stretched from an area near the western city of Cologne down to southern Bavaria, causing houses to collapse, stranding residents on rooftops and sweeping away cars. At least 1
This year is set to become the most expensive year for insurance companies in Germany since 2002, when various storms caused € 10.9 billion in damages, GDV said.
About 40,000 vehicles were damaged or destroyed during the recent storms, it added.
Allianz said it had already claimed around 10,000 homes and 3,000 vehicles and expects the numbers to rise to 30,000 and 5,000 respectively.
The company said it had 230 claim experts. in the affected areas to assess damage. Catalog