Floods: GIA sees USD8.2 bn insured damage

Recent floods in western Germany have likely caused insured damage to the tune of about EUR7 billion (USD8.2 billion), according to the latest estimate of the German Insurance Association (GIA).

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, states a report by AP.

Joerg Asmussen, the head of the GIA said that residential buildings, household equipment and damage to companies accounted for about EUR6.5 billion (USD7.6 billion) of the estimated damage, while vehicles accounted for another EUR450 million (USD529 million).

The umbrella group for private insurers had previously estimated that insured damage would total EUR4.5 billion to EUR5.5 billion (USD5.3 billion to USD6.5 billion).