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Huge losses expected from catastrophic European floods

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First estimates of damage from deadly rain and floods in Germany are expected to be available later this week and may put insured losses near $15 billion, industry association GDV says.

Only around 45% of buildings are believed to be insured against floods and heavy rain.

Since July 12, countries in Europe have been struck by catastrophic floods, killing 188 people. Belgium and Germany - as well as Austria, Luxembourg, the Netherlands, Switzerland and Italy - are all severely affected, resulting in 160 deaths in Germany alone.

Germany’s insurance industry may this year face its highest claims from storms, floods and hail since 2013, when property & casualty and motor insurers recorded €9.3 billion ($14.87 billion) in natural catastrophe claims in the country, GDV CEO Jörg Asmussen said last week, according to Reuters.

Severe damage to infrastructure has been sustained in Germany, where Federal Finance Minister Olaf Scholz announced initial emergency aid of more than €300 million for the victims of the flood disaster.