Flood disaster: insurers pay over 3 billion euros

flood disaster: insurers pay over 3 billion euros

Barely five months after the catastrophic floods on the ahr and erft rivers, german insurers say they have so far paid out more than a third of the insured claims.

"More than three billion euros have already been paid out to our customers to repair damage to household contents, residential buildings, businesses and vehicles," said the chief executive of the german insurance association (GDV), jorg asmussen.

GDV currently expects to have to compensate total losses of 8.2 billion euros. The material damage thus clearly exceeded that of the august floods of 2002 and the storm kyrill in 2007. More than 180 people died in the natural disaster.

The fact that only a good third of the damage has been paid so far is due to the fact that insurers do not pay out a lump sum, but rather specifically finance the reconstruction of a building, said asmussen. This would happen as zugig as possible. "But it will be a long time before all the badly damaged structures are rebuilt. And only then have all the funds flowed."

Of the benefits paid out so far, those affected in north rhine-westphalia received over 1.7 billion euros. Insurance customers in rhineland-palatinate accounted for around 950 million euros, while the remaining 350 million euros were paid out mainly in bavaria and saxony.

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