flood disaster - Three years after the flood disaster: 7.5 billion paid out
Three years after the flood disaster in the Ahr Valley and other areas in western Germany, nearly all reported insurance damages, according to the industry association GDV, have been settled. The insurers had paid out nearly 7.5 billion Euros, the GDV announced. For the remaining ten percent, they had set aside reserves of around one billion Euros. The damage assessment is expected to be completed soon.
"This is a good signal for the affected people, even though they are still far from normalcy," said Anja Käfer-Rohrbach, deputy managing director of the GDV, further. Around 200,000 insured persons had already received payments. All reported household damages had been covered.
Heavy rainfall and flooding had devastated large areas in southern North Rhine-Westphalia and northern Rhineland-Palatinate in July 2021. More than 180 people died. According to the association, this was the most expensive natural disaster in Germany for the insurance industry.
- The Association of the German Insurance Industry (GDV) highlighted the 'Flute catastrophe' as one of the costliest insurance events in Germany's history.
- The GDV, representing the German insurance industry, stated that the 'flood disaster' in North Rhine-Westphalia and Rhineland-Palatinate resulted in significant insurance damages.
- In Berlin, representatives from the GDV discussed strategies to better prepare for future 'catastrophes' and reduce insurance damage.
- The 'Catastrophe' in the Ahrtal region led to numerous insurance claims, with the GDV and its members processing them diligently.
- Experts from the GDV's natur catastrophe pool advised homeowners in Germany on risk assessments and mitigation strategies to lower insurance premiums.
- The 'insurance damage' caused by the 'flood disaster' in western Germany taught many communities the importance of proper disaster preparedness and adequate insurance coverage.
