Insurance Companies' Asset Lists - South's flooding devastates, racking up billions in losses
The recent floods in Bavaria and Baden-Württemberg have triggered significant losses for German insurance companies. According to Jörg Asmussen, the managing director of the German Insurance Association (GDV), who is based in Berlin, the initial estimate is for damages totaling around two billion euros. However, this figure could change as the Danube floods have yet to subside.
Over the past few months, insurers have already had to cover up to 200 million euros worth of damages from separate floods in the Saarland and Lower Saxony. The overall cost of the flood damage in the southern regions could be far greater, considering that most public infrastructure like roads and bridges are not insured. This applies to about 53% of homes in Bavaria and 96% in Baden-Württemberg, which are not insured against flooding either.
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The catastrophic flooding in Southern Germany, specifically in Bavaria and Baden-Württemberg, has resulted in losses estimated to reach billions of euros for the insurance industry. The recent floods have added significantly to the damages already incurred, with separate floods in Saarland and Lower Saxony causing insurers to pay out over 200 million euros. Despite Berlin-based Jörg Asmussen's initial estimate of two billion euros, the true cost may be higher as the Danube floods continue to affect the region.
