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Member, Beacon International Group, Ltd.
Recent floods that caused widespread damage in Central and Eastern Europe resulted in insured losses of about €2 billion ($2.60 billion) in Germany, according to the German insurer association.
In a statement, the Berlin-based Gestamtverband der Deutschen Versicherungswirtschaft e.V., which represents insurers in Germany, said there have been 180,000 insurance claims stemming from the floods in May and June.
The GDV said that, on average, individual claims are smaller than those from 2002 flooding along the Elbe River thanks to improved protection of buildings and a swifter response that was helped, in part, by communication via social media.
In 2002, German insurers paid about 150,000 claims resulting in insured losses just shy of the estimate in the recent floods.