Berlin: Destructive flood in West Germany last month is likely to cause insured damage around 7 billion euros ($ 8.2 billion), an insurance industry group said on Wednesday, significantly increasing previous estimates.
More than 180 people died in Germany and hundreds of others were injured in floods July 14-15, which were also claimed to live in Belgian neighboring countries.
Heavy rain diverts small flow into a raging torrent, sweeping the house, bridge and car.
Joerg Asmussen, head of the German insurance association said that housing buildings, household appliances and damage to the company contributed around 6.5 billion euros ($ 7.6 billion) from the estimated damage, while vehicles contributed 450 million euros ($ 529 million).
The umbrella group for private insurance companies previously estimated that insured damage would be a total of 4.5 billion to 5.5 billion euros.
($ 5.3 billion to $ 6.5 billion).
The association said the total damage caused by flooding would be far above its estimation because many buildings were not insured for “basic damage” from events such as floods.
It was said that almost all housing buildings in Germany were insured against storms and ice, but only 46% were insured on further hazards such as rain and strong flooding.
The German government has agreed to provide 30 billion euros ($ 35 billion) to help rebuild the affected areas.