The insurance loss because of the flood in the west of Germany could reach €5 billion, said on Wednesday, July 21, the head of the German Insurance Association (GDV) Jörg Asmussen
“At the moment, insurance companies are assuming an insurance loss of 4 to 5 billion euros,” he wrote on his Twitter page.
According to the top executive, the payout could exceed the €4.65 billion that was paid out after the devastating flood of 2002.
As Asmussen concluded, Hurricane Bernd was one of the most devastating in Europe in decades. He attached to his post a photo of the street of a flood-stricken town.
Since July 12 there were heavy rains in the west and south-west Germany which caused outflow of tributaries of the Rhine river Ar and Mosel as well as small rivers Sauer, Prüm, Nimes, Kiel and Erft.
As a result of the elements several towns were blocked. About 200 thousand people were left without electricity. According to the latest data, more than 150 people were killed.
On July 18, German Chancellor Angela Merkel visited the most flood-hit areas of the country and said that the German language does not know the words to describe what happened.