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Germany: Floods, hailstorms in 2013 to cost insurers $9.6 billion

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Damages caused by hailstorms and summer floods in 2013 will cost Germany's insurance sector nearly €7 billion ($9.6 billion), the most expensive bill the sector has seen in a while, a report has shown.

Insurance trade body Gesamtverband der Deutschen Versicherungswirtschaft e.V. said hailstorms cost the sector €3.1 billion, Reuters reported. The floods in June cost €1.8 billion. GDV expects weather-related catastrophes to increase in the coming decades.

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